Hindustan Times
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Lifestyle
7 Smart Tips To Buy Your Dream Home
Are you planning to buy your home and spend a major part of your working life free of rent woes? Here are five smart tips that can help you
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Be financially disciplined to build a down payment
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To build your down-payment fund, start cost-cutting, avoid wasteful spending, clear your debts and try to expand your income
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Stick to your budget
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Set a monthly budget and categorise your expenses accordingly. It can help you track your expenditure and savings
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Research on your dream home
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Research well on your dream home according to your requirements and keep yourself updated with rates in different locations
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Invest your money
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Keeping aside your excess income in a savings account may not fetch you enough returns. Instead, invest your money smartly
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Set aside the money for future EMIs
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If you are planning to take a home loan or to apply for a home loan then start categorising your savings and set aside the amount of EMIs every month beforehand
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Prepare for other expenses
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Apart from the down payment, there are other non-reimbursable costs involved like interior, electricity connection and water supply. There are brokerage fees, legal fees and home insurance also
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Compare home loans
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Compare home loans on third-party websites to narrow down your options. Fixed interest rates start from 9% per annum
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