Buying your first home will be of great experience. But first time buyers almost makes a few mistakes while buying. Following are the four basic home buying tips.

Location:
Accessibility for all the basic amenities is of primary importance. Shops, hospitals schools, transport facility should be available at a easy distance. Properties located in far away from the basic amenities make life quite difficult and a hazzle. Look for homes which has these amenities close by.

Housing Budget:
Dont go for housing or flats in Chennai which overlooks your budget. You may love a house and want to buy the house at any cost but in it will create problems in the later stage when you start your payment schedule

Home Inspection:
Visit the property and thoroughly inspect the home. After all you are going to live there for next 25 years if i am not wrong. Take a look at the house properly, then fit all your requirement in each room. Make a good assessment. You will then come to know whether this house is a right fit.

Good neighborhood:
Although we cannot know about our immediate neighborhood, we can judge our neighborhood by the locality and people living there. Decent roads, clean environment and friendly neighborhood are element you can check out.

The Union Budget for the year 2011, especially in housing sector, the focus is clearly on the affordable and rural segment. In order to enable easier availability of housing loans for the affordable segment, the Government has proposed to create Mortgage Risk Guarantee Fund under Rajiv Awas Yojana scheme which provides guarantee for the loan taken by the Economically Weaker Section (EWS) and Lower Income Group (LIG). For rural housing, allocation of approximately INR 3,000 crores has been made to enable targeted groups in the rural areas to avail housing finance.

The Union Budget has taken cognizance of the growth potential in the residential sector especially in the priority sector and has announced a laudable interest subvention.  The budget has redefined the priority housing sector to include property up to Rs. 25 lakhs in urban areas and Rs. 15 lakhs in rural areas granting such properties. This is expected to increase the development momentum in such locations. This will have a positive impact in the smaller towns as well as the distant suburbs of the major metros, and may possibly prompt some of the larger developers and funds to enter these segments. Furthermore, the Budget has also indicated an investment linked deduction to businesses which develop affordable housing under a notified scheme.