Your first home holds a special place in your heart, thus you must invest your energy in finding the real estate for yourself. Thus New Way Real Estate, have brought to you 8 advice for first-time homebuyers, which will certainly make sure that you get a heavenly experience in navigating your first home. So without wasting any time let’s start.
This is the initial step before you decide anything for your home because if you are not sure about your budget then you might have to compromise either with the location or with the flats. For example, you were looking for flats in Rajarhat but your budget supports flats in Howrah, which will be a disappointing factor for you at a later phase because the standard of living differs in these areas to a large extent.
If you have taken care of your budget then you need to analyze that you are financially ready for this real estate investment because your mortgage is a minimum of next 30-year commitment. If your answer is positive then you can move on.
Now, when you have decided to move further with these two tips, you must start saving early because minimum down payment for home loans is 20% of the price in India and thus, when you start saving early it gives you an edge to move further On how you want to move your finances so that you can be clear whether you want a 3BHK flats in Kolkata or something less in carpet area, and it even gives you an edge whether on what you want to keep as a mortgage for your home What you want to give as a down payment, what will be your closing cost, you can decide what will be your moving costs and other expenses
As we have come to the end of the blog, we would like to say, after this, you are ready with your groundwork above you are now in a prime position with confidence for your home, not only your finances are in check but you have a solid understanding you of your local market and you can look for a competitive offer in the real estate market.
What is the minimum salary for a home loan?
When you talk about the minimum salary that you need for a home loan, is anywhere between a monthly income of Rs. 25,000 to Rs. 40,000, And this amount varies for different lenders.
What is the best age to buy a house?
According to the expert, the best age to buy a house is between 25 to 35 years of age, as it ensures enough time for you to repay your home loan, as your financial and individual goals are set for without any extra burden for such a significant purchase.
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