Are you ready to buy a house? Find out

You must have 30% cash to pay the down payment of the house. "Having about 30% cash for a down payment indicates financial readiness for homeownership. Having the minimum cash allows you to borrow the rest," says a Happy Homeowners — a primer by BankBazaar.

The next step is to check if you are eligible for a home loan. When you are taking a home loan, the aim is to reduce the burden of interest as much as possible. How can you get a home loan at a low-interest rate? "A credit score above 750 apart from a stable income and a long working life makes you an attractive borrower to lenders and qualifies you for lower interest rates. Ideally, target a score of 800 before you borrow," according to BankBazaar.

Do keep in mind that buying a house is a long-term commitment. "Committing to homeownership means you’re prepared to invest both financially and emotionally in a property as opposed to treating it as a short-term investment. The financial math works in your favour in the long-term," says BankBazaar primer.

While buying a house, you need to find a location that aligns with your lifestyle and financial objectives.

"It is hard to get the perfect option. Your goal should be to get good enough," says BankBazaar primer.

"Ensure what you’re buying has the necessary legal clearances, and clear titles, and is not under dispute. Engage a property lawyer to vet the papers. It’s an additional cost but provides you peace of mind," says BankBazaar primer.