Looking forward to buying a home in 2022? Great. The best way to finance the purchase is not exhausting all your savings but smartly taking a home loan. Once you meet the housing loan eligibility and successfully apply for the loan, the borrowed amount will be immediately transferred to your bank account for your use.
That being said, here are 5 tips for young couples to purchase a home in 2022.
Plan your Budget
Start with setting a budget to buy a home. In near future, you need to make the down payment of your chosen housing loan, and also pay the registration charges, stamp duty costs, legal fees and taxes. Down the road, you need to pay the EMIs of this loan and spend on home insurance, maintenance and repair. Set a budget, primarily keeping in mind the immediate costs. For the later expenses, you can open a fixed deposit or boost your savings over time.
Choose a Suitable Location
If you opt for buying a home in a city, it will cost more than one in the outskirts. Based on your budget, income and the living cost of the place, pick an appropriate location. Also, consider these other factors:
- A good neighbourhood with no reported crime
- Proximity to your/your spouse’s workplace
- Easy access to public transport
- Nearness to metro and train stations
- Closeness to markets and hospitals
Think about the Desired Amenities
The amenities included in the property will add to its cost. Say, you may be looking for:
- A parking lot (if you have or plan to have a car)
- A swimming pool
- A gym
- A play space (if you plan to have kids)
Consider what amenities you want based on your budget. Accordingly, you can also decide the borrowing amount of a home loan in India.
Find a Reputed Builder
It’s crucial to get a good builder when buying a home. Always check the track records and customer testimonials of the chosen builder. These will tell you:
- About the quality of the previous constructions
- Whether the projects were delivered as promised and on time
- Whether the customers were satisfied
If you’re unsure, consider a ready-to-move-in unit.
Apply for a Home Loan in India
You need to meet the eligibility for a housing loan before applying for it. If you don’t have a low credit score or high debt-to-income ratio, a good credit score of your spouse may help you get a loan in some top banks of India. Look for these facilities and other benefits like:
- Loan amount up to ₹10 crores
- Tenure up to 30 years
- Attractive interest rates
- A digitalised application process for convenience and faster turn-around time
- Tailor-made loans with basic documentation
- Benefits of Pradhan Mantri Awas Yojana affordable housing subsidy for 1st-time home buyers
Once you meet the housing loan eligibility, prepare the documents and apply for the loan.
With the borrowed amount, you can smoothly fund the purchase of your new home in 2022! Just keep using the online EMI calculator on the bank’s official website to pay accurate monthly instalments regularly on time.