First Home Buyer Checklist India: 15 Things to Verify Before Signing

A step-by-step checklist covering RERA, title verification, loan pre-approval, and negotiation tactics for first-time home buyers.

1.Before you start looking: financial readiness

1. **CIBIL score**: Check it — 750+ gets the best loan rates. 2. **Pre-approved loan**: Get a bank pre-approval letter before shortlisting properties — it tells you exactly how much you can borrow. 3. **Down payment + buffer**: Have 25% of expected property price in liquid savings (20% down + 5% for registration, stamp duty, moving). 4. **Emergency fund**: Keep 6 months of expenses separate from home-buying funds.

2.During property selection: legal and RERA checks

5. **RERA registration**: Verify the project is registered on your state's RERA website — check registration number, completion date, and any complaints. 6. **Title search**: Hire an independent lawyer to verify the title chain for 30 years (₹5,000-15,000 — worth every rupee). 7. **Encumbrance certificate**: Get a 30-year EC from the sub-registrar office — confirms no pending claims on the property. 8. **Approved plan**: Verify the builder's plan is approved by the local authority — unapproved constructions cannot get loans.

3.Negotiation and purchase

9. **Negotiate the base price**: Builders typically have 5-8% negotiation room, more if the project is slow-selling. 10. **Floor rise and preferential charges**: Negotiate these down or get them waived. 11. **Payment schedule**: Link to construction milestones (RERA mandates this for new projects). 12. **Car parking**: Confirm it's included in the agreement — some builders charge ₹3-5 lakh extra for covered parking.

4.Loan and post-purchase

13. **Compare at least 3 banks**: Rate difference of 0.25-0.50% saves ₹3-8 lakh over 20 years. 14. **Read the loan agreement**: Check for prepayment clauses, reset frequency for floating rate, and processing fee structure. 15. **Budget for interiors**: ₹500-1,500/sq ft for decent interiors on a new flat. A 1,200 sq ft flat needs ₹6-18 lakh for furnishing. Include this in your total budget.

5.Key takeaway

Buying your first home is exciting but fraught with costly mistakes. This 15-point checklist covers the essentials. The two most common first-time buyer errors: not getting a title search and not budgeting for costs beyond the property price. Use our home affordability calculator to start with a realistic budget, then follow this checklist methodically.