Typically, individuals opt for a home loan to finance their house purchase, covering around 80% of the property’s cost, with the remaining 20% to be funded by the buyer.
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Buying a house is a significant aspiration for many, representing the culmination of hard work and the achievement of owning a place to call home. This dream is shared by both men and women, with women increasingly striving for financial independence. Here is expert advice tailored to women aiming to realise their dream of homeownership.
Feeling nervous or stressed when deciding to buy a house is natural, given the magnitude of the financial commitment involved. Experts recommend preparing for this endeavour several years in advance to thoroughly explore available options and make well-informed decisions. This is especially crucial for those considering purchasing property in Delhi-NCR, where planning of 5 to 7 years is advisable.
Balwant Jain, a financial affairs expert, offered insights on this matter. Typically, individuals opt for a home loan to finance their house purchase,
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covering around 80% of the property’s cost, with the remaining 20% to be funded by the buyer. Before approving a loan, banks assess the buyer’s income to determine loan amounts and equated monthly instalments (EMIs), ensuring affordability with EMIs capped at 40% of income.
In addition to the loan, buyers are responsible for making a down payment, completing property registration and covering ancillary expenses using their funds. Thus, it is essential to commence saving early. Jain recommends utilising equity funds as a means of accumulating savings promptly.
For married individuals, jointly applying for a home loan presents an advantageous option. In such cases, banks consider the combined income of both spouses, potentially qualifying them for larger loan amounts. This allows for purchasing a more desirable and spacious property.
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Expert guidance for women aspiring to buy their own homes emphasises the importance of meticulous planning, diligent saving and informed decision-making. By preparing well in advance, leveraging suitable financial instruments and considering options such as joint loans, women can confidently start the journey towards homeownership and financial security.
