One out of many investments includes buying a home in India. Thus, the young millennials plan to invest in an immovable asset during the initial years of their career. The emergence of the new housing schemes like PMAY, etc and the availability of loan finance options make the young homebuyers’ confidant of buying a residential property in India. If you are also one amongst them. then, here are the tips to consider before buying a home in 2020:
In-Depth Research: Before making any decisions in a haste, the young home buyers in India are suggested to research and understand the market scenario about the property rate, appreciation value, social surroundings, amenities and connectivity of the area. The collection of funds becomes easy once you figure out a preferred residential locality. To ascertain an area, the buyer is suggested to carry out a quick survey or consult an expert for advice. In this manner, the prospect can get an overview of the locality where he/she wish to own a residential property in India.
Check your credit score: A good credit score proves helpful in availing a home loan as the money lenders check the credit history of the applicant before sanctioning funds. A CIBIL Score of more than 700 is considered to be a good score but having CIBIL lower than 600 is a reason to worry as the financial creditor turns down the application, as the applicant cannot prove his/her capacity to repay.
Assess Budget: Proper planning is required to set a home buying budget as inadequate funds can leave you in the jibe. So, keep the outstanding debt and expense to the least, as it will allow you to save more. A prospect must calculate the budget first and then look for other financing options. Almost every young homebuyer is worried about how much money should be invested in buying a home for the first time. This is a valid concern and the answer to this question is quite simple. Invest a partial amount of money in home buying as saving is important to pay home loan EMIs during the financial crunch.
Savings for Down Payment: A real estate investment asks for a fair amount of money and thus you must have sufficient savings before buying a residential property. Having ample funds in hand, give the homebuyer an upper edge as it lets you pay a handsome amount of down payment to book the residential unit of your choice.
The idea to buy a home at a young age has its pros and con. A homebuyer is required to collect funds not only for booking a dream home, but also has to keep saving in hand for the future. In short, buying a home is not a cakewalk especially for the young millennials. But the same can be done in minimum required time if a systematic approach is followed.