Plan your dream home with a single income through these helpful tips

When it comes to the key to the biggest achievement in life, isn’t it true that buying a dream home is the one for every millennial?

From the happy feeling of waking up in their own house and not having to worry about rent to the sense of comfort, mixed emotions are coursing through their veins. However, while purchasing a dream home is a goal for many, doing so on a single income is difficult.
So whether your dream house is a villa, 1 BHK, 2 BHK, or more.

Here are few helpful financial tips to plan your dream home with a single income.

• Sort your budget for down payment : Did you subscribed to Netflix, or bought an expensive item? Have the best grasp on your monthly budget by tracking out income and expenses. So you can dodge all those unnecessary expenses and successfully achieve cost-cutting, or you can find alternate sources to your needs, for example: If you spend too much money on ordering food online try to cut it down and choose cooking at home, prefer working out at home rather than taking membership of the gym. Having the financial discipline is the right way to save for down payment.
• Give attention to credit profile correction Even if you have enough funds in hand to buy a home, a home loan offers multiple tax benefits and can help you in savings. But while applying for your home loan, you must review your credit profile. A credit score showcases your capacity to pay back the EMI’s. To establish a good credit profile, avoid any expensive purchase of (>Rs. 65000) before applying for the loan and chase all your previous debts before they chase you.
• Protect your future with Insurance protection plan No one has ever predicted the future but, one can insure it. Buy short and long-term insurance plans that could prompt you from being the defaulter for non-payment of loan due to any unforeseen circumstances like unemployment, accident, or death.
• Hunt for the best deal on loan Start looking into home loan deals and offers if you are an early planner. For example, some banks offer home loan deals during the festive season, whereas some real estate developers offer great deals such as no EMI until the home is in possession. And the government of India requires a 20% down payment, so here are a few options if you want to secure the down payment.
  • Loan from employer : Obtaining a down payment amount from your employer is a much simpler and doable option, given the security, they have in your salary.
  • Gold Loan : A gold loan is the quickest method to choose for the arrangement of down payment, one can easily mortgage their gold to any private institution.

So if you have a plan ready, you will be able to achieve the goal of owning your dream house, and if you are in a dilemma to choose the location or need any assistance with future projects, PropertyPistol is there to help you. Get your queries resolved by experts.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.