One dream that almost everyone aspires to achieve is living in their own house. Purchasing your own house is a privilege many have to try hard for. Planning for it, itself can be an exhausting task. You have to understand your cash flow and the requirement to finance this goal. Let me tell you how to save money to buy a house in India.
How to Save Money for a House Be financially disciplined to make payment for a down-paymentFinancial planning for buying a house in India is important. You have to make the payment for the down payment from your own pocket. It can be between 10% and 25% of the market value of the property’s market value.
Don’t forget your budgetHow are you spending your income? On shopping, dining out, entertainment, groceries, rent? It’s time to analyze this. Categorize your expenses and determine how you spend your income and then make and stick to a budget accordingly.
Research on your dream houseIt is important to set a budget that is in line with your current repayment capacity. Don’t go for a home that you cannot afford and struggle with the EMIs later. Research your dream house keeping all this in mind.
Start investingYou can invest in RDs and FDs as they are free from risk, meaning they don’t get affected by market fluctuations. You can also invest in mutual funds. Yes, they are risky depending on market conditions. But remember higher risk = higher reward. You can explore other investment options like stocks, gold, etc. as well. Now you know whether to save for house or invest!
Improve your credit scoreYou will be eligible for a housing loan if you have a good credit score (above 750). It will also help you increase your negotiating power for lower interest rates.
Read how to improve CIBIL score immediately
Compare housing loansBesides researching different types of houses you want to buy, you should compare housing loans on 3
rd
party websites to narrow down your options. Comparing different aspects of a housing loan package like processing fees, hidden charges, maintenance charges, etc. will help determine the actual cost of borrowing.
Get a Home Loan at the Lowest Interest Rates through NoBroker to Purchase Your Dream Home READ HOW TO SAVE MONEY TO BUY A HOUSEI hope you like my answer on how to save money to buy a house in India!
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
How to save money to buy a house in India?
Aarshi
143 Views
1
4 Year
2021-10-26T17:12:21+00:00 2021-10-26T18:13:45+00:00Comment
Share