Making down payments is one sure path to making your own-a-hone-dream achievable. You need to make provisions for the down-payment from your pocket. Usually, the cost ranges between 10 and 25 percent of the home’s total market value.
For instance, you may pay between Rs 6 lakh for a Rs 60 lakh 2BHK home.
And of course, to achieve this, you need to cut costs at all costs. Spend, but only on productive ventures. Again, try as much to settle debts and create new streams of income.
Find out what gulps most of your budget – groceries? Rent? Eating out? Entertainment?
Analyzing these would go a long way. Define your income source and group your expenses to help you make a workable budget.
Thankfully, the digital age has come with several initiatives to help automate the budget-setting process. With an app on your smartphone, you can weigh your expenses against your income and ensure you stay within the boundaries of your boundaries.
These factors, among others, determine the cost of a home. For instance, typically, houses in the city are way more expensive than those on the outskirt. So, these details help you set a budget and save accordingly.
To compare property costs in Chennai and across India, property for sale listings on websites like Rentostay will go along way
As you’re saving up for your dream home, remember the cost will most likely add up as the time counts – not thanks to inflation. Saving alone may delay your dream home. For the better returns, you may keep your savings in a high-prospect investment plan and watch it grow. This will help you achieve your home acquisition plan in a shorter span.
A sound credit score increases your chances of a home loan approval. Even more, it gives you a better opportunity to negotiate for reduced interest rates.
These tips would help build your credit score.
Visit third-party websites and compare their home loan offers. Consider their processing fees, late payment charges, pre-closure fees, and the likes. These would keep you abreast of the actual borrowing cost.
Owning a home is definitely not a cakewalk. However, brushing off the idea for some time in the future may even be costlier. Fact is, there is no better time than now to make the bold move to invest in your dream home.
Set to acquire your dream home in India, Rentostay offers you an exhaustive list of great deals from property sellers across India.