0 %
Being single comes with its perks of independence and freedom. However, when it comes to buying a home, you might think of it as a con. When you plan to buy a home, your bank will always consider two incomes better than one. Henceforth, with proper planning and research, you can buy your home on a single income with ease.
When you plan on buying a home, one of the important factors is your l expenses, and how it might be dependent on your single income. Without proper knowledge and planning, it might look like an extremely difficult task. With proper research and management, you can rest assured about buying a home on a solo-income.
First and foremost, don't get carried away by your dreams and end up planning to buy a home that you don't even need. Make a list of all the necessities for your home and create a budget, depending upon your income and expenses. Regardless of this, you may apply for a home loan. so, when you apply for a home loan you should be familiar with the importance of a credit report. A CIBIL score is much impacted by your previous purchases and the regularity with which you pay EMIs. The higher score, the easier it gets to get your home loan sanctioned. Thus, before you apply for a home loan, check your CIBIL score online and try rectifying it.
As we already discussed, buying a home on a single income needs proper planning. Thus, it will be great to develop a habit of saving money for your home from an early start. Although you have a lot of banks to offer financial help, you should keep in mind that banks will help you only with 80% to 90% of the property price. You will have to pay for the rest of the amount (10% or 20%) as a downpayment. It is advisable to start saving for such an amount at an earlier note rather than making a last-minute run for it.
When you are relying upon a single income decide on the amount of home loan. The repayment process of the loan should be as smooth as possible. When you finalize the EMI amount, you should consider all your expense and income. You may be eligible for a higher amount of loan, but it is better to opt-in for a lower amount as a loan so that you can have an amount as an EMI.
Buying a home is indeed one of the largest transactions you'll enter into, in your lifetime. Before taking such a decision we advise you to consider your near plans and expenses for the coming years. Buying a home is, not just a financial decision but also an emotional one there are certain factors that you could consider. Are you planning to start a family? If yes, you will need a bigger house and a home close to a school. Is your job stable enough, or any advancement shortly or promotion could lead you to shift to a new city. Are you ready to keep up with the maintenance of the house which can include renovation, the cost of new furniture and various service like painting the house? We advise you to look over your plans and if you are well planned, we don't think there are many factors left that could restrict you from buying your dream home!
Fortune Dream-Con has successfully established its reputation as a trustworthy partner of choice for hundreds of our Loyal Patrons serving a variety of their Real Estate needs over the years. It has created a niche for itself in the region for Development of Quality Residential, Commercial as well as Industrial Spaces with Innovative and Practical Designs and Structures. It is continuing to develop and deliver Modern Commercial, Residential and Industrial structures.