Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Home > 5 Essential Home Buying Tips for Millennials

Loan for Home

5 Essential Home Buying Tips for Millennials

5 Essential Home Buying Tips for Millennials

According to a latest survey, generation Y, more commonly called millennials, is preferring home ownership over renting. And why not? Owning a home in your 30s or 20s is an excellent way to move on from rental living. You can also improve your quality of life while securing a strong financial future. But since many millennials are first-time buyers, buying a home can seem daunting. When, in truth, the process is quite simple.

If you’re a millennial looking to purchase a home, there are some factors you must consider to ensure a smooth buying process.

Here are the top five home buying tips for millennialbuyers.

#1 Map out a budget

It’s a wise move to do the math before you set off on your home hunt. Determine a realistic budget you can afford to spend on a desired property. This will help you keep a clear head if you get tempted by a bigger home outside of your budget.

Sure, you can readily get a mortgage at affordable home loan interest rates these days to complete the purchase. Still, you must also plan your loan budget to ensure a smoother repayment process.

Additional Read: Why Home Loan Market for Millennials is increasing Post COVID

#2 Select an ideal location

As you may know, property location directly impacts its price. So, make sure to look around while considering factors such as neighbourhood safety, proximity to social and commercial infrastructure. In any case, purchasing a home in a booming locality will be a great investment choice.

#3 Manage your debts

When going for homeownership, manage your outstanding debts like ongoing loans or credit card bills by ensuring timely EMI payments. Doing so will help you improve your credit score and get competitive terms when applying for housing finance.

#4 Get a reliable real estate agent

Hiring the services of a reliable real estate agent is a great way to start the buying process. This is because they can help you get a good property deal within your budget while guiding you through the loan process, including home loan eligibility,interest rates, etc. Having a competent agent by your side can help you navigate the process comfortably.

#5 Understand the buying process

Of thehome buying tipslisted here, this is the most important one. You must become familiar with the entire buying process by consulting financial or legal experts. As a millennial homebuyer, you need to be fully aware of the property – its clearances, legal disputes, etc. Also, enquire if the developers provide any offers or special schemes.

It’s also crucial to know about the buyer-seller agreement, including the charges involved in the property buying process.

Additional Read: Buying a House in Top Indian Cities? Here’s a detailed Home Buying Guide

Over to you

Thinking of buying a home for yourself? Get a quick home loan from Tata Capital to finance your purchase! Our bespoke offerings are perfect to finance your dream home purchase.

You can get a loan amount starting from Rs. 5 lakhs and up to Rs. 5 crores at attractive interest rates starting at just 6.90%. Moreover, we offer flexible loan tenure of up to 30 years. All of this, with minimal documentation and seamless processing!

Apply For House Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.