Buying your first property is exciting — and it's also where most of the expensive mistakes happen, usually from moving too fast rather than asking too many questions. Before you make an offer, run through these five checks.
1. Know your credit score before the lender does
Your credit score shapes both loan approval odds and the interest rate you're offered. Check it yourself first through any major credit bureau, so there are no surprises once you're mid-negotiation on a property.
2. Understand the full cost, not just the EMI
Registration charges, stamp duty, brokerage, and processing fees typically add 7–10% on top of the property price. Ask for a full cost breakdown before you get emotionally attached to a listing.
3. Compare more than one lender
Interest rates and processing terms vary meaningfully between banks and NBFCs. A trusted referral can help you avoid settling for the first offer simply because it's the first one that arrived.
4. Get the property's paperwork verified early
Title verification, encumbrance certificates, and occupancy clearances take time to process. Starting this in parallel with your loan application — not after — avoids last-minute delays at registration.
5. Ask what happens if your situation changes
Understand prepayment charges and loan flexibility before signing. Life circumstances change, and the right loan structure should be able to accommodate that without penalising you.
Frequently asked
How much should I budget beyond the property price?
Plan for an additional 7–10% to cover stamp duty, registration, legal, and brokerage costs — this is the number most first-time buyers underestimate.
Does a higher credit score always mean a lower interest rate?
Generally yes, though the exact impact varies by lender. It's still worth comparing offers even with a strong score.
Kiran's Global Hub connects first-time buyers with vetted property listings and trusted lending partners, so these checks happen with guidance rather than guesswork.
