All about Housing Loan
A house is a heaven where a person can spend his precious time with family. Thus, purchasing a dream home and moving into it is like a dream come true for many individuals. Almost all of the home purchases are funded by housing loan. It includes the bulky payment in the form of down payment and monthly installments known as EMI. Even if you manage to pay the down payment amount by collecting cash from different sources, the monthly installments will remain a sprain in your monthly finances.
Before opting for a House Loan:
- Borrow the loan amount that is easy to repay.
- The EMI amount only depends upon the loan amount borrowed, and the down payment to be made by an individual. Banks only grant the loan after evaluating your net take monthly income. Thus, it is advisable to borrow the loan amount that is affordable and is easily payable.
- To reduce the burden of EMI you can raise the amount of the down payment. If you are unable to collect a large amount of cash as down payment, you can go for a house with a lower budget.
In case you have borrowed large Housing Loan Amount:
- Instead of repenting on borrowing a large loan amount, you must appreciate yourself that your monthly savings is going for a loan that is assisting you in building your dream house.
- You can analyze where you spend your monthly income other than monthly installments. You can try to cut off the expenses especially on the discretionary areas.
- If your spouse is working, you can manage all of the daily expenses with his / her savings. You can use your saving to pay the loan installments .i.e. EMI. When you have different savings account, you can have better control on your expenses and monthly installments.
- Spend less and save more will help you to manage daily expenses and makes your cash flow easy and comfortable.
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