Today, purchasing your own house isn’t only a fundamental need yet in addition brings along a feeling of pride, accomplishment, opportunity, and security. Choosing to purchase a house is probably the greatest stage one can take throughout everyday life and for the greater part of us, it’ll be one of the greatest venture choices. Along these lines, it’s basic to ensure it is done astutely as there are such a large number of things to consider when you purchase a home.
The most significant thing is choosing what you need: This incorporates the sort of home you are searching for, its area, pleasantries, and environmental factors among others.
Area: Proximity and accommodation of access to the working environment, open vehicle offices, commercial centers, schools, emergency clinics, and so on ought to be considered while choosing.
Encompassing: The encompassing social and regular habitat impacts the states of mind, conduct, and general day to day environments of the individuals. It likewise assumes an essential job in the childhood of children. While choosing an area for your home, security against burglary and hostile to social components, charming environmental factors, the area, and so on ought to be considered.
Organizing Home Finance (Home Loan): This factor needs unique consideration as at last, you need to mastermind to pay for the expense of the property. You may have a major pocket to support that buy, in any case, in the event that not, at that point you can go for alternatives as referenced beneath
Once it has been decided what exactly do you want and had finance arranged the next part comes to finding a property matching to your requirements. Search for the dream home can be a daunting task; however, the following sources could be sought after for the same.
Friends, Colleagues, Relatives: in the area, you are looking to buy would be of great help as they would be able to provide you a realistic picture of the surroundings, reason for sale, prevailing rates, pros, and cons while choosing among the alternatives.
View Top Choices a Second Time: After touring and narrowing down to a select few, you will probably instinctively know which one or two homes you would like to buy. Ask to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around.
Also, try to conduct a survey through a professional surveyor of the property if possible before the final Offer.
Quick Tips To Bring Down Your Home Loan EMI From An Insider
Owning a home is an important goal in every common man’s life. But a lot of these goals remain unfulfilled due to various reasons, such as not having enough savings to pay their own contribution, lack of access to financial support like home loan or inertia to managing household expenses along with the dreaded EMI. The common myth is that EMI eats away a major portion of your income and leaving almost nothing to run your household. An informed decision about EMI can be made using the home loan EMI calculator. Therefore, in this article today we will try to bust this myth as well as explore ways to reduce your Home Loan EMI.
Before moving ahead, let’s understand – What’s an EMI? EMI stands for Equated Monthly Installment. It’s a definite amount that one needs to regularly pay to lenders of financial institutions from where they would have taken their loans. EMI is a combination of the proportion of the principal amount borrowed and interest charged on the borrowed amount. In the initial years, the interest component has a higher ratio than the principal amount, and as the loan progresses the ratio between home loan principal amount and interest rate reverses. You can calculate an estimate of EMI for your Home Loan with the EMI Calculator
Let’s first try busting the myth around the EMI burden. When you apply for a Home loan from a financial institution, they would ensure that your home loan eligibility, as well as the EMI amount, is calculated basis your monthly income and fixed obligations. A buffer is always maintained to ensure you are able to meet your household expenses. Therefore, there will never be a situation where the EMI exceeds your declared income. Having said that, lowering your EMI reduces your liability to some extent and can help increase your spending capacity.
To help you out, here are some quick ways for reducing your home loan EMI:
Choose Maximum Home Loan Tenure:
According to your age ensure you can opt for the maximum loan tenure available. This helps ensure that your loan obligation gets distributed over a higher number of months. For e.g. If you have taken a loan of Rs. 1 lac at 8.90% p.a. if the loan tenure is 20 years your EMI would be Rs. 893 and if the loan tenure is 30 years EMI would be Rs. 797
Increase Your Own Contribution In The Home Loan To The Maximum:
Even though your housing loan eligibility is derived basis your repaying capacity you can always opt for a lower amount by paying a higher own contribution which will help reduce the overall home loan amount and hence the EMI
Look for ways in which you can prepay some home loan amount which will again reduce your EMI burden. Your performance bonus or any investment maturity are some of the avenues of receiving a large amount of monies which can be prepaid to reduce the tenure. Alternatively, you may choose to prepay part of your loan amount and maintain the previous tenure thereby reduce the EMI.
Financial liabilities like EMI should never hold you back from buying your dream home. These tips should help you reduce your financial burden and plan your finances better so you can live the life and lifestyle of your choice.