Are you dreaming of a dream home? Have you planned financially to purchase the home? The decision to purchase a home involves financial planning and considering various other factors like your budget, facilities required, income, location, and locality. Here are a few points that you should consider in order to own a dream house.
Check monthly expenses: We know that buying a home for a middle class people with low income requires financial planning. Most of them consider availing loans. For this, it is necessary to know the home loan eligibility criteria. You need to look for the competitive interest rate and best lender.
The loan amount and tenure: Banks and NBFCs easily provide loan facility up to 80% of the property amount. Ideally, it is best to make 20-40% down payment and for the remaining balance, you can avail the home loan.
Income source and existing loans: It is best to consider home loan eligibility criteria as it depends on your regular income and existing loans. Use the financial planning tool to analyze the amount of loan you can avail, repayment options, EMIs and job stability.
Emergency funds: It is always best to maintain emergency funds as we know that life is unpredictable and there are chances for unexpected expenditures. It is best to maintain 6 months of expenditures as your emergency funds.
Plan budget: It is best to have proper planning of the budget for purchasing a new home. Bajaj Finserv provides an easy home loan with simple eligibility criteria. Just avail the loan and let the dream of a home come true.