EMI should not exceed 40 percent of household income. Along with this, you should not have any other loan on you. If the EMI is more than 50 percent of the total income, then there will be compromise with other targets.
There are many such expenses associated with the house, which you do not already realize. The price shown in the ad is only the base price. Billfear can charge you for such facilities which you consider to be free. There are also fees related to legal writing. TTamp Duty and RegistrationTration Charge are otherThese are the expenses.
Your house or rented house?
You should think about whether a rental house will be right for you or your own house. You should analyze which of these options would be better for you. Property in cities is very expensive and living here on rent is a better option.
wor will the property’s valueU increase more than the interest on the loan?
If you are buying a property as an investment with debt, then review this Whether property prices will rise faster than the interest rate on the loan.
How many years to live in the house?
While buying a house, the question you must ask yourself is how many years you can live in it. Suppose you buy a house at the beginning of your career and after some time you have to work in another place. Therefore, buy a house only when you decide that you will live in this place for 10-15 years.
Make a decision to buy a home only after you have made sure that you are not going to need money in the near future. For this you should create an emergency fund.
If income stops?
Things are not always the same. So buy insurance equal to all outstanding loans apart from covering future expenses and needs of the family.
If there is a delay in getting the possession of the house?
If the billfear delays the possession of the house, then the buyer gets a double whammy. Theyhave to pay EMI along with the rent. If you don’t get possession on time, you can also lose out on the taxs benefit you get on the home loan.
Income Tax Return: Do not miss this deadline of June, otherwise you may have to pay more charges