From working out what you can actually afford to collecting the keys — the steps, the paperwork and the mistakes first-time buyers make most often.
Buying your first home in Mumbai is exciting and, frankly, nerve-wracking. The amounts are large, the paperwork is unfamiliar, and everyone has an opinion. This is the process we take first-time buyers through, in order.
1. Work out what you can really afford
Start with your total budget, not the flat's price. Add stamp duty and registration, legal fees, any GST, society transfer charges, moving and basic interiors — our guide to stamp duty and registration lists them. Then speak to a lender about how much they will lend and what the monthly EMI would be. Be honest about the EMI you can carry comfortably, not just the maximum the bank approves.
2. Decide what you need, not just what you want
Write down the non-negotiables: the longest commute you will tolerate, the number of bedrooms you need now and in five years, schools, and whether you want ready-to-move or are willing to wait for an under-construction flat. Our comparison of under-construction and ready-to-move property helps with that choice.
3. Choose the area before the flat
Shortlist one or two areas that fit your commute and budget, then visit at the times you would actually travel. Our local guides to Borivali, Kandivali, Malad, Goregaon and Andheri cover neighbourhoods, Metro lines and trade-offs.
4. Get a home loan in-principle approval
An in-principle approval tells you, and sellers, that you are a serious buyer and fixes your realistic budget before you fall in love with a flat you cannot finance.
5. View properly
Visit more than once, at different times of day. Check light, ventilation, noise, water pressure and mobile signal. Ask about the society: maintenance charges, any arrears, how it is run, and whether redevelopment is being discussed. Compare carpet area, not "built-up" or "super built-up" — our guide to reading carpet area explains why.
6. Verify before you pay anything significant
This is the step first-time buyers most often rush. Before paying more than a small token amount:
- have a solicitor run a title search and give you a written opinion
- for a newer building, confirm the occupation certificate; for an under-construction one, the commencement certificate
- look up the project's MahaRERA registration yourself on the official portal
- for a resale flat, see the share certificate, a society NOC for the transfer, and proof that maintenance dues are clear
Our step-by-step verification guide goes through each check.
7. Negotiate and agree terms
Price is only one term. Possession date, what is included, payment schedule and who pays which charges all matter. Get everything in writing before the agreement is drafted.
8. Agreement, stamp duty and registration
The sale agreement is drafted and reviewed, stamp duty is paid, and the agreement is registered at the sub-registrar's office. Your lender disburses the loan as per the agreement.
9. Possession and society transfer
Collect the keys, check the flat against what was agreed, and complete the society membership transfer so the share certificate is in your name. Keep every document safely — you will need them when you sell.
The mistakes we see most
- Paying a large advance before the title is verified.
- Budgeting for the price but not for stamp duty and the other costs.
- Comparing flats by "built-up" area instead of carpet area.
- Choosing a flat before choosing an area.
- Trusting someone else's word on RERA registration instead of checking it yourself.
If you would like someone in your corner for your first purchase, our property buying service covers every step above.
