Home Buying in 2022 - Best Time to Buy Property

Explore All options before buying a new house in 2022

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If you plan to buy a home, you will be making the biggest financial commitment of your life. Additionally, there are many things that you will need to keep in check before you apply for a housing loan. Long story short, home buying in 2022 can prove to be an elaborate and tedious process. This article will basically serve as a guide for you with regards to the things you will need to be mindful about while buying a home via a home loan in 2022. Read on to know more.


  • Check your CIBIL score: Your CIBIL score is a three-digit-long numerical figure which is an indicator of your loan repayment capability. When you submit a home loan application, your CIBIL score is the first thing that the lender that has received your application will look into. It is, in fact, one of those main things that will decide your home loan eligibility. Before you apply for a home loan, you must definitely check whether your CIBIL score is equal to or above 750. If your CIBIL score is under that, chances are that you may still get a home loan, but you may get a lower amount and at a higher interest rate. There is also a chance that an inadequate CIBIL score may even cause the rejection of your home loan application. Hence, it is very important for you to check your CIBIL score beforehand to get an idea regarding your chances of a home loan approval.

  • Look at the real estate forecast: It is always a good idea for you to look into what the finest minds in the real estate world think about the state of the market in the future. If the experts are forecasting a rise in property prices, you must consider buying a home soon if you can. If, however, all signs point to a fall in real estate prices, maybe it might just benefit you to wait for a while. Depending on how the real estate market will trend in the future, you must make the decision accordingly.

  • Prepare for EMIs: Once you take a home loan, you will have to diligently repay the same through equated monthly instalments (EMIs) until the end of the loan repayment tenor. You must remember that these EMIs are generally big amounts. If they are not budgeted for well, they can very well disturb your monthly budget. Hence, you must ensure that you are able to save enough money every month to pay off those housing loan EMIs. Failure to do so can cause you to pay hefty late fees, or, in case you default, it could spell disaster for your CIBIL score and overall creditworthiness. If your CIBIL score takes a hit, it will become very difficult for you to secure any kind of credit in the future.

  • Save for a Down Payment: You must also remember that a bank or a housing finance company (HFC) will only give you up to 90% of the property value as a housing loan, depending on your eligibility. This means that you will need to pay at least 10% of the same out of your own pocket. So, in order to secure a house loan, make sure that you have sufficient funds to put up as a housing loan downpayment. But, it is always a good idea to make a much bigger down payments, as it will help you reduce your interest rate, your EMI burden and it will eventually help you save lakhs of rupees that you would have otherwise paid as interest payments throughout your loan repayment tenor.

  • Check all the documents before you buy a home: When you apply for a home loan, you will have to submit a large number of documents. These documents will consist of your proof of identity, residence, income and repayment capability. Not to mention that you will also need to submit a sizable number of property-related documents. If even a single document is missing, it could cost you your home loan. Additionally, if any of the information provided in those documents are not accurate, that too can cost you your home loan and perhaps even invite legal consequences. Hence, it is important for you to ensure that you have all the relevant home loan documents at your disposal before applying for a home loan. Not to mention that you will also need to ensure that all the information provided in those documents are true and accurate to the best of your knowledge.

Since buying a new house is certainly one of the biggest financial decisions of your life, you must not only be extra cautious before finalising the deal, but also take all the necessary steps before applying for a loan. More often than not, a bit of negotiation can be of great help in fetching you a better deal. At Bajaj MARKETS, we offer home loans from our partner lenders at competitive interest rates and with borrower-friendly terms. You can repay your home loan comfortably over a flexible tenor of up to 30 years. The loan application process at Bajaj MARKETS is also simple and hassle-free and can be completed fully online.