5 Financial Aspects To Consider Before you Decide To Buy A Home
Buying your First Home? It is evident that you will have several questions in mind as a first time home buyer. We have compiled 5 most important financial aspects to consider before you buy your new home. Credit : freepik.com Financial Planning The first step towards a proper financial planning for your dream home would be to review your current financial obligations such as other loans, insurance amount etc. This will provide you the right picture of your true income. Your budget will be a factor of the EMI that you can pay off and what your monthly expenses are. Apart from this, you should also account for the hidden charges such as registration, stamp duty, maintenance etc, when finalizing your budget & loan amount. Once you have decided the loan amount, move on to check how much would you be able to put as down payment. Typically, these range from 15 to 20% of the property value, and offer a confidence to the bank about your credibility. You can also choose to t