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Property Options for First-Time Home Buyers: A Detailed Overview

july 01, 2025
Property Options for First-Time Home Buyers: A Detailed Overview

With so many types of properties available, it's easy to feel overwhelmed when you are about to buy your first home. You may find yourself wondering: Should I go for a flat, a builder floor, or maybe a bungalow? How will I manage the finances?
In this guide, you’ll discover the different types of properties suited for first-time home buyers, key factors to consider before making a choice, and how a home loan can support your decision.

Types of Properties for First-Time Home Buyers

As a first-time buyer, you're likely coming across a number of unfamiliar terms. Let’s break down the various types of properties you can consider.

1. Builder Floors

A builder floor typically covers one entire floor of a building, offering more privacy than a standard flat. These are common in areas like Delhi or Gurgaon. If you're buying with family and need space without the expense of an independent house, this could be a good option.

2. Apartments or Flats

Apartments are the most common type of property in urban areas. They usually come with society amenities, 24/7 security, lifts, and parking. If you're on a tighter budget or want lower maintenance, this is a practical choice.

3. Bungalows

A bungalow gives you full ownership of the land and the structure. It’s a rare luxury in cities, but it is still found in suburban or Tier 2 locations. It’s best if you want privacy and can afford the higher cost and upkeep.

4. Studio Flats

These are compact living spaces that combine a bedroom, a living area, and a kitchen. They’re affordable, easy to maintain, and perfect for singles or young couples. You’ll often see these in central city locations.

5. Condominiums (Condos)

Condos look like apartments but differ in ownership. Here, you own the interior, while common areas, such as stairwells, the gym, or the pool, are managed by a housing association. They're becoming popular in newer housing projects.

6. Penthouses

A penthouse is a top-floor apartment with more space, better views, and premium pricing. If your budget allows and you're seeking a high-end living experience, this is an excellent option.
Each of these different types of properties has pros and cons. Your final choice depends on your budget, lifestyle, and future needs.

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Key Considerations Before Choosing a Property

Even if you've shortlisted the types of properties you like, there are several other factors you need to weigh in.

Budget and EMI Planning

Work out how much you can spend, not just on the purchase, but also on ongoing maintenance. Factor in stamp duty and registration charges, property tax, and potential renovation costs.
Most importantly, use a home loan EMI calculator to estimate your monthly repayments, based on your loan amount, interest rate, and the tenure.
Even a small difference in the home loan interest rate can significantly impact your EMIs and overall loan costs.

Location

Look beyond just the name or reputation of the area. Consider proximity to your workplace, availability of public transport, and access to essential services like hospitals, schools, grocery stores, and parks. These will directly impact your quality of life.

Market Value and Resale Potential

Ensure you’re not overpaying by comparing prices of similar types of properties in the area. Also evaluate the resale and rental potential, especially if you may upgrade or relocate in the future.

Carpet Area vs Built-up Area

Many first-time buyers confuse built-up area with the actual usable space. Always confirm the carpet area, which refers to the net usable floor space within the walls. The carpet area is typically about 70%  of the built-up area, though this can vary slightly by project and developer.

How SMFG Grihashakti Home Loans Can Support Your Property Choice

Choosing among the various types of properties requires careful consideration of your needs, budget, and long-term goals.
SMFG Grihashakti offers tailored home loan solutions to help you purchase the property that’s right for you. Whether you’re considering a builder floor, bungalow, or apartment, our offerings are designed to suit your requirements.
Our competitive home loan interest rates start at only 10%* per annum, with tenures going up to a flexible 30 years* to help keep your monthly repayments manageable. Check your home loan eligibility, estimate your EMIs, and apply online today with minimal documentation!

Disclaimer: *Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you wish to know more about our products and services, please contact us.

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