Thinking of buying your first home? Must be an emotional high point in your life. However, before you commit to this responsibility of homeownership, stop and think.
Don’t make the mistake of
- Only relying on a loan for the house is going to cost you in terms of a high-interest cost. For a 90% loan – interest cost over 20 years can potentially be as much as the cost of your home. Ensure that you use at least 40%-50% of your own savings towards the house value and then take a loan for the rest
- Your housing loan EMI can last for a long time, make sure it does not become a burden if you want to change your job, professional status and work life. To do this, keep the EMI not more than 40%-50% of your post-tax monthly income – so that if there is a point where you want to take a break or change your job or even lose your job, the EMI doesn’t feel like a burden
- Think about aspects like location, commute time, quality of builder, neighbourhood, access to amenities – not just for now but also ten years later while making the choice of your home. You don’t want to spend the bulk of your time on the road trying to reach home – while simultaneously worrying about high pollution levels in your locality.
Build a life in your new home – not just a house.
Also read:
-
Couples’ guide to money matters: Happy Valentines Month!
It’s the month of February, the month of love, red roses, grand gestures and unspoken desires. When love is in the air, no one really wants to talk money, even if they want to spend a lot of it. But here’s the truth. All your relationships, romantic or otherwise, rest subliminally on some financial foundation. …
-
The calendar year has turned, don’t forget to mark the change in your portfolio too
It’s time to say Happy New Year – wishing you the best in 2026! Despite the celebration that invariably ensues – worldwide – to mark the change in the calendar year, a new calendar year, is actually a change that bears no practical significance for our lives.
-
Why is Serving Tea a Measure of Marriageability?
It’s wedding season and dinner party conversations naturally veer in that direction; families meeting to find suitable matches for their sons and daughters, the modern bride progressively choosing lighter hues in make-up and in wedding attire, and of course the excitement of attending destination weddings which come with all the frills.