Buying your first home: a clear roadmap for Chennai ✨
Buying your first home is a major life milestone filled with excitement, accomplishment, and the promise of a space to truly call your own, but it can also feel overwhelming—especially in a dynamic city like Chennai, where the real estate landscape ranges from the bustling IT corridors of OMR to the serene residential neighborhoods of Anna Nagar. This comprehensive guide serves as your trusted roadmap, simplifying the entire home-buying journey into clear, manageable steps—from assessing your financial readiness to signing the final documents and receiving your keys—ensuring that your first home purchase in Chennai is smooth, informed, and successful. Welcome to the journey of finding your dream home with Homewala.com.
Phase 1: The Foundation – Are You Ready?
Before you even start browsing property listings, it’s crucial to lay a solid foundation. This phase is all about self-assessment and getting your finances in order.
1. Check Your Financial Health
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- •Maintain a CIBIL score of 750+
- •Ensure EMI stays within 40–50% of your monthly income
- •Plan for stamp duty, registration charges & taxes
2. Home Loan Pre-Approval
•Pre-approval gives you clarity and makes you a strong, credible buyer.
3. Define Your Needs vs Wants
•Non-negotiables like commute, schools, hospitals, safety → first priority.Amenities like gym, pool, balcony → secondary.
Phase 2 :The Search -Finding Your Dream Home
Chennai offers diverse neighbourhoods, each with its own lifestyle advantages — from OMR’s IT hub with modern apartments and premium, well-connected Anna Nagar to the affordable, fast-growing Tambaram/Perungalathur belt, as well as Porur/Kundrathur near major IT and industrial zones and the tech-friendly Sholinganallur/Pallikaranai region; you can smart-search through Homewala.com using filters for budget, BHK and amenities, explore map-based results, view floor plans and 3D walkthroughs, and set instant alerts for new listings, while site visits remain essential to check neighbourhood vibes, traffic, property condition and to interact with local residents.
Phase 3: Legal & Financial Verification
1. Essential Documents Checklist
- • Title Deed
- • Encumbrance Certificate
- • Patta in seller’s name
- • Completion & Occupancy Certificates
- • Updated tax receipts
2. Bank Loan Approval Includes
- • Legal verification
- • Technical property valuation
- • Loan sanction letter
3. Stamp Duty & Registration
- • Stamp Duty: 7%
- • Registration Fee: 4%
Phase4:Negotiation & Booking
Negotiation & Booking involves smart decision-making — compare nearby properties to understand the fair market price, negotiate not just on the rate but also on fittings, repairs, parking, and payment flexibility, and always ask about maintenance, hidden charges, and future cost escalations; once satisfied, proceed to the booking step where you pay a token advance and sign the Sale Agreement detailing the final price, payment schedule, conditions, timelines, and essential clauses like cancellation terms and handover commitments.
Phase5:Registration & Handover
Property Registration
Visit Sub-Registrar Office → Submit documents → Pay stamp duty & fees → Registration done.
Final Handover
Inspect plumbing, electricals, fixtures before taking possession.
