✦ Home Buyer Playbook
How to Buy a Home in Mumbai
A complete step-by-step guide — from budget planning to getting the keys. No jargon, no hidden steps.
1
Financial Readiness
Before looking at a single property, get your finances crystal clear. Most
buyers skip this and regret it later.
- Set your total budget (not just agreement value — include stamp duty, registration, GST, parking, interiors)
- Calculate comfortable EMI (should never exceed 35–40% of monthly income)
- Check home loan eligibility with 2–3 banks
- Arrange down payment (20% is ideal — banks lend up to 80%)
- Account for existing EMIs — they reduce your eligibility
💡 First-time buyer tip: The listing price is NOT the total cost.
Expect 12–18% extra for stamp duty, registration, GST (if under-construction), parking, and
interiors.
2
Location Strategy
Don't anchor to one location. The right area depends on your work location,
commute tolerance, family needs, and budget.
- Map your office/work location
- Set a max commute time (30–45 min is healthy)
- Check upcoming infrastructure: Metro lines, Coastal Road, Trans Harbour Link
- If you have kids or elderly parents: proximity to schools and hospitals matters
- Consider "discovery locations" — 10 min extra commute can mean 30–40% more space
💡 Pro tip: Areas along upcoming Metro lines often appreciate
20–30% within 2 years of line opening.
3
Project Selection
Shortlist 3–5 projects that fit your budget and location. Look beyond fancy
brochures.
- Check builder's past delivery track record (on-time vs delayed)
- Verify RERA registration (mandatory for all projects)
- Understand construction stage: Pre-Launch (high risk) → Launch → Sustenance → Ready (low risk)
- Compare carpet area, not super built-up
- Ask about amenity maintenance costs — they're monthly and forever
⚠️ Warning: "Pre-launch" offers often mean the project isn't
RERA-registered yet. Lower prices come with higher risk.
4
Due Diligence
This is where most buyers rush. Don't. Spend 2–3 weeks verifying everything.
- Verify title deed — hire a lawyer, don't rely on builder's lawyer
- Check RERA project page for: registered carpet area, completion date, bank accounts
- Visit the site personally — check construction quality, neighborhood, connectivity
- Talk to existing residents if ready-to-move project
- Verify possession date reality: check builder's history of on-time delivery
- Confirm parking allocation, floor rise charges, and any hidden premiums
⚠️ Critical: Never pay token money under pressure. Good projects
don't disappear overnight. Any urgency is a sales tactic.
5
Booking & Loan Processing
Once you've done due diligence, move forward with confidence.
- Pay token/booking amount (usually ₹1–5L depending on project)
- Get cost sheet in writing: all-inclusive with floor rise, parking, taxes
- Apply for home loan at 2–3 banks for best rate
- Get agreement for sale drafted and reviewed by YOUR lawyer
- Pay stamp duty and registration at time of agreement
- Set up EMI payments (auto-debit recommended)
6
Move-In Planning
The final stretch. Plan ahead so there are no surprises when you get the keys.
- If renting: give 2–3 months notice to landlord (or as per agreement)
- Plan interiors: get 2–3 quotes, allow 2–4 months for execution
- Schedule handover inspection: check everything before accepting possession
- Complete society membership formalities and pay deposits
- Update address: Aadhaar, bank, voter ID, vehicle RC
- Set up utility connections: electricity, gas, broadband, water
🎉 Congratulations! You've just bought your home in Mumbai.
Welcome to your new chapter.
Need Help at Any Stage?
Our advisors have guided thousands of families through this journey. Let us help you too.