Buying a home is an important aspiration for many, as it represents the culmination of hard work and the achievement of owning a place to call home. This dream is shared by both men and women, and women are increasingly striving to achieve financial independence. Here you’ll find expert advice designed for women who want to make their dream of homeownership a reality.
Feeling nervous or stressed when deciding to buy a home is natural, given the magnitude of the financial commitment involved. Experts recommend preparing for this endeavor several years in advance to fully explore available options and make well-informed decisions. This is especially crucial for those considering purchasing property in Delhi-NCR, where 5-7 years planning is recommended.
Balwant Jain, an expert in financial matters, offered his thoughts on this matter. Typically, people opt for a mortgage loan to finance the purchase of their home, which covers around 80% of the cost of the property and the remaining 20% is financed by the buyer. Before approving a loan, banks assess the buyer’s income to determine loan amounts and equivalent monthly installments (EMIs), ensuring affordability with EMIs limited to 40% of income.
In addition to the loan, buyers are responsible for making a down payment, completing property registration, and covering ancillary expenses with their funds. Therefore, it is essential to start saving early. Jain recommends using equity funds as a means to build up savings quickly.
For married people, jointly applying for a mortgage loan represents an advantageous option. In such cases, banks consider the combined income of both spouses, potentially qualifying them for larger loan amounts. This allows you to purchase a more desirable and spacious property.
Expert guidance for women aspiring to purchase their own home emphasizes the importance of meticulous planning, diligent saving, and informed decision-making. By preparing well in advance, leveraging the right financial instruments, and considering options like joint loans, women can confidently begin the path to homeownership and financial security.
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first published: February 10, 2024, 11:37 IST