New year new home - Plan buying your dream home this way

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New year new home - Plan buying your dream home this way
New year new home - Plan buying your dream home this way

New Delhi : Buying a home is probably one of the most critical and expensive decisions of your life. It should, therefore, be backed by sound financial planning, rather than being an emotional decision. If you’re planning to buy a home this new years’, make sure you follow financial discipline.

Buying a house is a huge financial decision. Some people delay this decision as they would like to buy their first property from their funding. The best bet is to buy a house with a home loan. Let us look at some ways that will help you make the best decision when buying a house: 

Start Your Research Early

Don’t think about the house you’d buy if you had all the money in the world but the home you need. Figure out the number of rooms depending on the number of people in your family, whether it’s going to be an apartment or a bungalow, and so on. Look for pictures and home listings online. Also, consider the location and neighborhood before reaching a decision. When looking at specific properties, review the location and size of the property carefully before submitting an offer. 

Know Your Budget

Once you have an idea about your needs, think about the budget and planning. Know how much money you can afford to shell out. If you’re looking at listings online, compare prices. Once you fix a budget, try to stick to it as you’ll have extra expenses too (furniture, decoration, and maintenance costs). Start analyzing your costs to determine an amount, if you want to take a home loan. Categorize them and discover how you’re spending your money and then make a budget. You can also make use of many apps available to help you set a budget and compare your income to expenses and track how you spend your money.

Create a Credit History

If you are taking a home loan for buying the property, you need to have a strong credit history of negotiating a good deal with the lender. You can create a good credit history by making timely payments of your credit card. Use credit cards for big transactions and get your credit limits increased every year. The credit score indicates your capacity to pay back EMIs and the risk associated with you as a borrower.

Research Home Loan Options

The most crucial step of all is where you figure out finance options. Spend time researching the home loan options available and choose one that seems the most flexible, saves interest costs and offers a grace period or EMI repayments. You can also calculate the EMI through the home loan EMI calculators available online. You have to pay back each month so see if you need a pay rise in your salary or another job to be able to pay off your home loan. Do not take a risk here. 

You can fulfill your dream of buying a home early in your life by getting a home loan from reputable banks such as Axis Bank. It comes with a multitude of benefits such as smaller EMIs, longer tenure, attractive interest rates and easy application process. You can make your home loan affordable with fixed and floating home loan interest rates available.

Moreover, you can avail tax benefits of upto Rs 1.5 lakh on the repayments (EMIs) towards the principal loan amount under section 80C of the Income-tax Act 1961 as well as on the interest portion of home loan EMIs under section 24 (b).

Buying a home isn’t an easy task, but delaying the plan may not be smart either. Yes, your income will increase in the future, but so will your expenses owing to more financial commitments. A home loan is a practical option to consider when you decide to take the leap.