How to Buy your Dream Home at the Earliest Possible

Mar 02, 2023

The world of home ownership is amazing—it’s liberating, in some sense. Just the feeling of having a home fills you with a sense of major life achievement, let alone living in your home just the way you have ever wanted. This is perhaps why so many people, especially people in their 20s and 30sThe world of home ownership is amazing—it’s liberating, in some sense. Just the feeling of having a home fills you with a sense of major life achievement, let alone living in your home just the way you have ever wanted. This is perhaps why so many people, especially people in their 20s and 30s, are working harder than ever to buy a home. Good news: they can have their dream home at the earliest possible should they start early and make smart decisions. 

Since buying a home is a major investment, most people rely on mortgage home loans to fulfill their dream of owning a home. Banks and commercial lending institutions can provide 60-80% of the cost of your new home at an interest rate of 8-15%, which you can repay over the course of 15-30 years through monthly payments. This removes the burden of arranging all the funds and prevents you from dipping into your savings, which you can use for other purposes. That said, you will need to arrange for a down payment, say 25% of the cost of the home, to acquire a loan. 

Even though getting a home loan is easier these days, you need to take care of a few things to make sure you do not default on your loan. 

In this blog, we will shed light on some tips to help you buy a home at the earliest possible. 

Develop Financial Discipline

Financial discipline is extremely important if you want to own a home early in your life. Since you need to make a down payment of 20-30% of your home value, you need to have some savings. For example, if the home costs around 60 lakhs, you need to pay 6-15 lakhs upfront. To save for the down payment, you will need to avoid wasteful spending, clear your old debts, and look for ways to increase your income. This will require you to develop financial discipline, which will go a long way.

Invest

While saving is necessary, you should also invest at least 20% of your income in some investment vehicles to generate passive income, which can be used to pay off your loan. There are many plans available for homeowners, such as FD, RD, LIC, and more. You can also invest in stocks and bonds and wait for the right time to sell them. 

Choose the right home

The home you buy makes or breaks your plan. For instance, buying an expensive cost can put more pressure on your savings and future income. Similarly, buying a home in a nice location at a reasonable price will feel more like home than a burden that you need to get off your shoulders. One of the best locations to buy a home in Delhi NCR is Purvanchal Royal City  Phase II, which is a recently developed multi-family community that offers all the high-end facilities that allow you to lead a high-quality life. The best part is buying a home here is affordable, so even middle-class families can make their dream of owning a home come true. 

That said, if you keep financial discipline, choose the right home, and invest your money, you can buy a home at the earliest convenience possible.