News: Real Estate: Buying a house? Keep these five tips in mind-09-02-2021
If you have a stable income and possess the required margin money that doesn’t disturb your contingency savings, you may check out the good property deals in the current market
Buying a home is usually the biggest financial decision of our lives which requires a lot of planning and research, due diligence, and a highly focussed approach. A wrong decision while buying a home can cause financial distress, but in the current situation, it could have devastating financial implications. However, it’s also a fact the realty market has witnessed attractive price corrections amid record-low home loan interest rates. Here are a few important things you should keep in mind before taking the plunge.
Stable source of income
It’s important to have stable and adequate income while you plan to buy a home. Many who are servicing home loans are struggling to pay their EMIs after losing their jobs or experiencing pay-cuts because of the Covid-19 crisis. And while the moratoriums have given them temporary relief, their overall loan burden or repayment tenure is likely to have increased. If you plan to buy a home now, you must make sure that you will have sufficient funds to repay your loan dues in full on time. The best way is to set up income through multiple sources to avoid any disruptions later.
