Top 10 FAQs for First-Time Home Buyers in Mohali & Zirakpur — Answered in Detail

Buying your first home in Mohali or Zirakpur is an exciting opportunity, but the process can feel overwhelming. Between down payments, home loans, legal checks, and RERA regulations, it’s easy to get lost in the details.

To help you navigate this journey confidently, we’ve answered the 10 most common questions first-time home buyers ask—plus exclusive tips for the Mohali-Zirakpur real estate market.

🚨 Limited Free Consultations! Book a free 30-minute session with Garah Pravesh (7087949434) to avoid overpaying by ₹5+ lakhs on your dream home.

📌 Quick Answer Summary (Mohali/Zirakpur Focus)

1. How Much Down Payment Do I Need in Punjab?

Many first-time buyers believe they need 20% down, but that’s not always true.

• Conventional loans can require as little as 3–5% down.

• FHA loans allow 3.5% down (great for lower credit scores).

• VA/USDA loans offer 0% down for eligible buyers (veterans/rural areas).

Tip: A larger down payment lowers your monthly mortgage and avoids Private Mortgage Insurance (PMI). But don’t drain your savings—factor in closing costs (2–5% of the home price).

Need help calculating your down payment? Call Garah Pravesh at 7087949434 for a free assessment.

Punjab’s average: 10-20% (vs. national 3-20%).

• PMAY Scheme: ₹2.67 lakh subsidy for 1st-time buyers (income <₹18 lakh).

• SBI MaxGain: 5% down (but higher interest).

Mohali/Zirakpur Tip: Many builders offer flexible payment plans (e.g., 10% now, 10% at possession).

⚠️ Avoid: Paying cash for “under-table” discounts—always get receipts!

📞 “Confused about PMAY eligibility? Call Garah Pravesh: 7087949434.”

2. How Do I Check My Home Affordability?

Your budget depends on:

• Debt-to-Income Ratio (DTI): Most lenders prefer DTI below 43% (monthly debts ÷ gross income).

• Credit score: Higher scores = better interest rates.

• Other costs: Property taxes, insurance, maintenance (~1% of home value/year).

Rule of thumb: Your mortgage payment (PITI: Principal, Interest, Taxes, Insurance) should be ≤28% of your gross income.

For ₹50,000/month income:

• Max loan: ₹35-40 lakh (30-year tenure @9%).

• Property budget: ₹45-55 lakh (including down payment).

Local Insight:

• Zirakpur: More affordable (₹55 lakh = 2BHK)

• Mohali: Premium pricing (₹90 lakh+ for 3BHK)

💡 Use: HDFC Home Loan Calculator (Adjust for Punjab’s stamp duty: 6-8%).

3. What Are Closing Costs in Punjab?

Expect 6.25%-8.25% of property value:

• Stamp duty: 4-6% (Mohali) | 4-6% (Zirakpur)

• Registration: 2.25%

• RERA fees: 0.05%

Hidden Cost Alert: Maintenance deposits (₹50,000-2 lakh) in gated societies.

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4. Why Get Pre-Approved? (Punjab Banks Comparison)

Pro Tip: Pre-approval speeds up bargaining with Mohali builders.

5. How to Pick the Best Real Estate Agent?

A great agent:
✅ Has local market expertise
✅ Offers strong negotiation skills
✅ Provides past client references

Red flags: Agents who pressure you, don’t communicate well, or lack experience with first-time buyers.

Red Flags in Tricity Market:
❌ Agents pushing only 1 builder (likely getting commission)
❌ No knowledge of RERA project status

Green Flags:
✅ Provides past client reviews from Zirakpur/Mohali
✅ Knows Punjab’s land laws (Avoid disputed properties!)

🔍 Need a vetted agent? Call 7087949434 for referrals.

6. Home Inspection Checklist (Punjab-Specific)

A licensed inspector checks for:

• Structural issues (foundation, roof)

• Electrical & plumbing problems

• Pest damage (termites, rodents)

What if issues are found? You can:
✔ Ask the seller to fix them
✔ Negotiate a lower price
✔ Walk away (if major problems)

Never skip an inspection—it could save you thousands!

Must-Check in Tricity Homes:

• Water logging issues (Monsoon problem in Baltana)

• Electricity load (Older Zirakpur homes = 2KW vs. needed 5KW)

• Encroachment cases (Common in Mohali’s Sectors 70-80)

Free Resource: “Download our Punjab Home Inspection Checklist” (Text “PUNJABCHECK” to 7087949434).

7. PMI in India – Can You Avoid It?

India’s Equivalent: Lender’s Mortgage Insurance (LMI)

• Cost: 0.3-1% of loan (e.g., ₹30,000/year on ₹30 lakh loan)

• How to Avoid: Opt for SBI’s 90% loan scheme (No LMI if salary account holder).

8. Timeline: Mohali vs. Zirakpur

Delay Alert: Punjab Land Records website often crashes—start early!

9. What NOT to Do Before Closing?

Don’t:
❌ Open new credit cards/loans
❌ Make large purchases (furniture, cars)
❌ Change jobs (lenders verify employment before closing)

These can hurt your loan approval last-minute!

Punjab-Specific Risks:
❌ Don’t buy property in wife’s name only (Bank loans get complicated)
❌ Avoid cash payments (Income Tax Dept. tracks ₹20L+ transactions)

10. New vs. Resale? Mohali/Zirakpur Comparison

Best Pick 2025: Resale in VIP Road (Zirakpur) for ROI.

🚀 Next Steps for Punjab Buyers

Buying your first home is a big step, but with the right knowledge, you can avoid common pitfalls and make a smart investment.

1. Get RERA project list (punjabrera.in)

2. Compare SBI/HDFC/Punjab National Bank loans

3. Book a site visit (Avoid monsoon months!)

💬 *”Overwhelmed? Let’s create your customized home-buying plan—call Garah Pravesh at 7087949434 today!”*

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