Let me put my "experties" in this issue as well... 
First of all, be sure this is "love". We don't love someone so easily. There is a very faded boundary between crush, affection and love. The meaning of these three terms are very different but the feelings are the same. I don't know since when do you know this girl, but you have mentioned 5 months period of your friendship so I'd say in five months, you can not be sure of your feelings. It could be crush which would eventually die in some time.
But, if you are sure that it is love, then it means you plan to marry her in future. If you don't then this is just time pass and you don't love someone for time pass. Suppose you are sure, then the first thing you should do is tell your family about this. This is not a small thing that you should be stepping in all on your own without the involvement of anyone from your family. This is important because ,lets say she says yes and you guys move on but when it comes to your family, they say no. What will you do then? So to avoid such situation, you should take them into confidence first. And trust me, they might be able to sort it out for you easily.
Now, when you have informed your family about the feelings and they have agreed, obviously being your parents they would have no objection in going to the girls house formally. But you would not want that to happen because you yourself are not sure what the girl thinks. So in this case, your parents might have to face a NO from her family which I am sure you wouldn't want to happen.
Now, your base is complete and you are in a situation to ask the girl. Don't go to her and say that I love you or bla bla... These lines hold no importance what so ever at this stage. Just manage to get some time from her in which you can talk to her. When you get such time, talk to her nicely, honestly and most importantly in a gentleman style, about your feelings. Don't use the work LOVE! Just tell her what do you feel about her and that now you are graduating so you think this is the right time to tell you about this as now I'd be entering my practical life and bla bla bla. Tell her that you are serious and that is the reason before saying you anything I have talked to my family about it. If I'd not be serious I'd not have done it. Tell her that you respect her and that is the reason you want her to be a part of your family. If she says nothing to you in return, that is a good sign. 
Don't expect her to say yes on the spot. Decent girls don't do that. If you take this along through a proper channel, she'll never say no and will definitely think about it. Tell her that you don't have to worry, I'll make it the proper way and my family will come to your home the way it is suppose to be. This will give her a sense of security as mostly it is not easy for the girls to talk in their home regarding this issue. Ask her if she thinks its fine then you can send your parents.
That is the proper formal way it should be done. This would work for any "gentleman" who likes someone truly and wants a "serious commitment". Other than these conditions, it'd be a flop for time passers and desperate to have a girl friend kind of guys.
Right moves and proper timing is important. And yes, don't forget to involve God in it. He knows whats good for you after all.
It's not easy: "Ishq nahi asaan bas itna samajh lejiye, ek aag ka darya hai aur doob k jaana hai..." 
Aakhri mashwara: Kyun is chakar mai partay ho yaar. Enjoy karo apni life... Chill maro. Baad mai mauqa nahi milay ga chill karnay ko...
