01/01/2022
Owning a home is a matter of pride. It not only upgrades your lifestyle but also gives you and your dear ones a sense of stability. However, you will also have to face the reality of setting aside a fixed amount every month towards your home loan repayment. If managed properly, you can ensure your lifestyle improves, as you move further in your home loan journey.
Make sure you consider the following aspects:
1. Choose a longer home loan tenure, as it reduces your EMI burden and enables you to meet other life expenses, comfortably.
2. Compare and choose a lender that offers you a lower interest rate. A lower Interest rate means more savings on EMIs every month.
3. As a Home loan is eligible for tax deduction under section 80C, if you opt for a home loan, you may end up saving up to Rs. 2 Lakhs annually on your taxes.
4. If you are buying your first home, make sure you opt for the home loan benefit of PMAY's credit-linked subsidy scheme and save a considerable amount on the home cost.
5. Before opting for a home loan you should calculate your Debt-to-Income Ratio. Make sure your ratio is not above 25%, to avoid a liquidity crunch later due to new/unforeseen expenses.
6. Other factors that could keep your lifestyle unaffected by a home loan could be considering additional sources of Income, dipping into your savings, and reallocating money from other investments.
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And Very Very Happy and prosperous year 2022.
Happy Investing :-)
