First-Time Home Buyer’s Guide to RERA, Home Loans and Registration in Maharashtra 2026

The single most common mistake first-time buyers make is browsing properties before knowing what they can afford. Banks will approve a home loan where your EMI does not exceed 40–45% of your net monthly take-home salary. If you earn ₹1 Lakh per month after tax, your maximum EMI is roughly ₹40,000–45,000, which at current interest rates (approximately 8.5–9.0% in August 2026) supports a loan of about ₹45–50 Lakh. Add your down payment savings (typically 10–20% of the property value), and you have your total budget.

The table above maps income brackets to approximate affordable ticket sizes using a 20-year loan tenure at 8.75% interest. These are indicative — your actual eligibility depends on existing liabilities, credit score and the specific bank’s assessment. The point is to start with a number, not a neighbourhood.

Every residential project in Maharashtra with more than 8 units or over 500 sq metres of land must be registered with MahaRERA. The registration number — typically starting with P51 (Mumbai), P52 (rest of Maharashtra) or PR1 — is your legal guarantee that the developer has disclosed carpet areas, the project timeline, the financial escrow account, and the approved building plan. Never rely on a brochure alone.

To verify, visit maharera.mahaonline.gov.in, click “Search Project Details”, and enter the RERA number. For example, Godrej City at Panvel carries RERA numbers P52100001106 and P52100009857 — you can look these up to confirm the developer name, approved carpet areas, possession date and the project’s escrow bank details. If a project is not on MahaRERA, do not proceed regardless of how good the brochure looks.

A pre-approved home loan does two things: it confirms your budget ceiling, and it gives you negotiating leverage with the developer because you are a ready buyer. Apply to two or three banks in parallel — comparing offers is the only way to ensure you are getting the best rate.

Documents you will need: PAN card, Aadhaar, salary slips (last 3 months), bank statements (last 6 months), Form 16 or ITR (last 2 years), and the property’s allotment letter or agreement once you shortlist a unit. Self-employed applicants need ITRs for 3 years, a business-ownership proof and a CA-certified net-worth certificate.

With your budget fixed and loan pre-approved, you now know exactly which price band you are shopping in. This is the stage to shortlist locations and configurations. A 2 BHK in Hinjewadi at ₹79.9 Lakh and a 1 BHK in Kandivali at ₹98 Lakh represent the same EMI commitment but very different lifestyles — the Pune option gives you more space, while the Mumbai option gives you a metro-city address.

Visit the Godrej Properties MMR home page to filter projects by location, price range and configuration. Shortlist two to three options, visit the sites in person, and compare carpet area (not super built-up area), floor plan efficiency, and the view from the specific floor and wing you are considering — not just the model flat.

Stamp duty is the tax you pay to the state government when registering the property in your name. In Maharashtra, these rates apply as of 2026:

On a ₹1 Crore property in Mumbai, stamp duty at 6% works out to ₹6 Lakh plus ₹1 Lakh registration fee — a total of ₹7 Lakh in government charges alone. Female buyers save 1% on stamp duty, which on a ₹1 Crore purchase is ₹1 Lakh — a meaningful saving that many first-time buyers overlook. If you are buying jointly, registering the property in the woman’s name as the first holder can secure this benefit in most cases.

Before taking possession of a ready-to-move property — or during the pre-handover inspection for an under-construction one — check these items systematically rather than relying on the builder’s guided tour:

1. Measure the carpet area yourself and compare it to the RERA-registered number for your specific unit.
2. Test all electrical points, switches and earthing. Run every tap for 60 seconds to check water pressure and drainage.
3. Check door and window fittings — open and close every one. Look for gaps, misalignment and water seepage marks around window frames.
4. Inspect wall and floor finishes under natural light — hairline cracks, uneven tiling and plaster defects are easier to spot without artificial lighting.
5. Verify the car parking slot number, size and access path — parking disputes are among the most common post-possession complaints.

For ready-to-move options like Godrej The Trees at Vikhroli or Godrej Infinity at Mundhwa, you can inspect the actual unit and the operational amenities before committing — a significant advantage over buying off-plan.