Assess your post tax monthly income, Deduct tax saving contributions.
Ditto for other earners in the family.
Provide for credit card debt and other loan payouts.
Provide for monthly household expenses.
Now, set aside around 5% for contingencies
Add up your savings you will need to put down your contribution of 10-15% as Housing Finance Companies will fund only between 85-90% of the property value.
Now check if you have enough for the E.M.I's Plus maintenance expenses. Don't forget to budget for the tax breaks you get on your loan repayment. Typically, lenders will ensure your EMI's doesn't exceed 50% of your take-home pay, post-taxes and other deductions.
Screen lenders on total financing cost and convenience.
Get pre-approvals from shortlisted lenders.
Check out property fairs for better rates
Check if your employer has a tie-up with a lender, corporate discounts can lop off more than 1% in interest alone
Today, lenders are vying for your custom, so play them hard against each other for the best bargain.
Get a list of pre-approved properties from lenders.
Borrowing will be a breeze if the property you zero in on is on your lender's list.
When you go house-hunting, you'd like to consider;
How far you'd be from work
How far you'd be from your kids schools
How far you'd be from reliable medical help
The quality of civic amenities (water, electricity, waste disposal etc)
How accessible social amenities like markets, clubs and parks are of course, the ideal in the above terms may not match your budget. So.
Now you want to match your budget with your requirements and what's available
And make the necessary trade-offs.
To know what's available, you will scour the advertisements ask friends and neighbours, and may want to check out property fairs.
Once you have finalized the projects check the past record of the builder and visit their completed projects.