How To Buy A House At 18 With No Credit?

Hey Friend,

Well, I am really surprised to answer this query, "how to buy a house at 18 with no credit?" Although I wouldn't say it's a horrible idea, I am also intrigued to learn how much money you make, how long you've been making it, and how much money you have set aside for a down payment.

If you recently received a trust fund and are considering what to do with some of the funds, buying a home is a great idea. However, you should also consider where you got the money for the down payment and how much you can manage to pay each month for the home loan EMI.

However, since you are considering buying a home at the age of 18, I want to tell you that the process is not simple. Buying a house at 18 is incredibly challenging. At the age of 18, people typically focus on education, having fun with friends, and starting their careers rather than worrying about home loan EMIs.

However, I’d like to share a few steps which would actually assist you if you are planning to buy a home at 18;

• Take loan from family, and friends:

It is always better to ask your family and friends to help you with the down payment. To recover the loan, the bank may seize the property. It does have a company to run, after all. 

However, your family and friends would have more patience. You can settle the loan in a way that works best for you and over the course of time that is convenient for you. In the event that it takes you longer to repay the loan, you might talk to your friends and family and explain your situation to them. 

However, I do advise you to opt for every effort to relieve you from your burden as soon as feasible. This person has been helpful to you and is essentially taking a financial risk by lending you the money. Let him not second-guess his choice. Remember that if you make a mistake, it will ruin your connection with the lender forever. Additionally, it would be beneficial if the two of you formalised the procedure and agreed to abide by specific guidelines.

Also, another important thing is that according to Indian income tax regulations, a loan borrower may deduct up to Rs 2 lakh from the interest and Rs 1.50 lakh from the principal of a home loan. Most of you may not be aware that you are still eligible for tax deductions if you borrow money from a friend, family member, or relative.

• Housing Subsidy:

For affordable housing societies in India, you can also search for government housing subsidies. For instance, the primary qualifying requirement for the Delhi Development Authority Housing Scheme is that the applicant must be at least 18 years old.

I would like to conclude here as I believe this suffices your query, "how to buy a house at 18 with no credit?" I hope this helps:)

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