Everyone has a dream of buying their own house in a lifetime. Is there any right age for the same? Or it seems to be impossible to buy one at a young age?
Well, in that case, a home loan is an ideal solution. It helps you buy your dream house by paying the amount on your behalf, which you can repay in installments along with the interest amount. Buying your own home saves you from paying out rent every month. Instead, you can pay out installments and own a house. A home loan provides you with a longer repayment tenure facility than other loans, which eases the burden and the process further.
Find below a simple guide to buy your own home at a young age, without stressing your budget.
1. Estimate and Prepare the Corpus for Down Payment
While planning to buy your dream house, you should have an amount for the down payment ready. It usually ranges between 10% and 25% of the property’s market value. The rest of the amount can be repaid in installments depending on the tenure and the EMI amount you choose to pay every month.
2. Prepare a Budget and Stick to it
To sincerely achieve your dream of owning a house, you should prepare your monthly budget in advance and not make alterations now and then. You should stick to your budget and follow the same to let everything happen in a planned way. This will help you in having a well-structured plan and on-time repayment of your loan.
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3. Search for Your Dream House
Based on your needs and specifications, you should search and finalize the property you want to buy. This varies from individual to individual based on their requirement and various other factors that need to be considered. As it is a long-term investment, you should plan well before taking any action.
4. Compare Home Loans
As you’re young and might not have a ready amount to buy your own house, you’ll have to opt for a home loan. Below mentioned are a few bases of comparison before you purchase a home loan.
- Interest rate
Choose one with the lowest interest rate and maximum benefits.
- Processing fees
A home loan with the minimum processing fees should be chosen.
- Pre-payment charges
Usually, there are no prepayment charges in case of a home loan.
- Late payment fees
Though you should avoid late payments, even this should be taken into consideration.
5. Calculate the Estimated Amount
Using a home loan EMI calculator, you can easily calculate the amount that you’ll have to pay every month. This requires details related to your tenure and the amount of the EMIs, current income, monthly expenses, etc. This gives near to accurate results.
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6. Set Aside Money for EMIs and Other monthly Expenses
To avoid any delay and failure in paying off any installment amount, funds for future EMIs and other regular expenses should be set aside in advance. As you’ve already calculated, it’ll be easier for you.
7. Apply for a Loan and Buy Your Own House
After you’ve evaluated and worked on all estimations, you can apply for the loan based on your requirement and choose the repayment option as per your convenience. After that, you’ll be the owner of your own house.
Achieve the Dream of Buying Your Own House
A home loan brings in several other benefits, apart from helping you in buying your dream property. It is free from prepayment charges and enables you to save taxes up to a specific limit. If you have a decent earning, you shouldn’t delay in buying your own house.
Reputable banks like Axis Bank should be chosen to provide a well-structured home loan with minimum formalities and a short process. You can easily apply for it online by entering your details and following a simple process.
Give wings to your dream!