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How to buy a dream home

It is a wonderful feeling to own a property. A home is more than just bricks and mortar for Indian homebuyers; it is an asset in which they invest not only financially but also emotionally. However, if you don't have a plan in place to save for the costs associated with owning a home, the experience can be extremely draining. If you want to buy a house, you must develop a strategy and begin saving while you are still young. Here are a few ideas for getting a head start on buying your dream home without breaking the bank.


Assess your budget to buy Flats

Know how much money you'll need to buy the house of your dreams. Consider the additional expenses you'll have to pay, like registration and stamp duty fees, interiors, and maintenance fees, among others. This way, you'll know what you're aiming for, and knowing what you're going for will make it easier to plan for it. If you intend to take out a home loan, you must set aside at least 40% of the property's cost to avoid financial strain on your monthly bills.


Start saving as early as you can

Many saving instruments on the market offer excellent yields and might assist you in building a corpus. Consider investing in mutual funds through systematic investment planning, regular contributions, provident funds, and post office schemes, among other options. While mutual fund investments are exposed to market risks, you can participate in safer schemes such as equity, which have a three-year lock-in period and provide an average return of 10% to 12% if you stay involved for longer.


Create your credit history

If you plan to buy a house with a home loan, you'll need an excellent credit history to negotiate a decent deal with the lender. If you pay your credit card bills on time, utilize credit cards for large purchases, and have your credit limits boosted every year, you can build an excellent credit score. The credit score essentially identifies your ability to repay the EMIs as well as the risk you pose as a borrower. Also, before qualifying for a home loan, keep your debt-to-income ratio low and pay off any previous debts. Add together all of your monthly debt payments and divide them by your monthly income to get your debt-to-income ratio. Your monthly income is typically the amount of money you earn before taxes and other deductions are deducted.


Look out for deals on loans 

Because you're starting early, you'll have time to look into the many home loan options and offers that are available. Some banks, for example, remove the processing charge, while others require minimal documentation and approve loans in a matter of days. You have the option of choosing between fluctuating and fixed interest rates. Women typically receive lower borrowing rates and other benefits when purchasing a property. You can also have your house loan pre-approved to minimize problems and delays at the last minute.


Create an emergency fund

Always keep emergency money on hand in case of unforeseen circumstances. It could be related to the time leading up to or following the acquisition of a home. You can do this by investing in a mutual fund liquid plan, which has low market risk and no lock-in period. This fund can also generate money and you can withdraw it whenever you want.


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