How to buy a house in your 20s in India?
Is it possible to buy a house in your 20s?
Yes, it surely is! The whole idea of owning a house at your 20s may need responsible planning but it can turn out to be a wholesome choice if you plan it right!
Research and Budget – Be Risk-Free
- The cost of an apartment depends on the location – if it’s located in the centre or outskirts of the city, the facilities and amenities it provides and the completion time of the project.
- Even if you are planning a 2 BHK or 3 BHK flat, do extensive research and plan according to your budget and choose what’s in your repayment capacity.
Down Payment – The First Hurdle
- To begin with, you need to have some savings in your hand to pay off the down payment. You can ease this payment off by cost-cutting on your expenses.
- Try to save up as much as possible and try to invest your money wherever there is a positive return or find yourself a reliable funding source. After all, a big dream needs smart choices!
Loan – It Out!
- Make sure you maintain a good CIBIL credit score, so it’s easier to attain a lower interest rate on your home loan.
- Since the times are digitally advanced, you can research your funding options online and consider different financing schemes and home loan plans that support your financial plan.
- Find EMI options that are friendly to your current situation and can provide favorable payback schemes for the future.
Returns – Before You Settle!
- While you are focusing on your career your property can churn out good returns for you. You can rent out your apartment that is to fetch you high returns based on the demand of the area your property is located at.
- On your growing career path, you will likely get a higher-paying job or a promotion that shall help you with financing. A big plus is that with good planning and financial discipline you would have paid a major chunk of your loans before you look forward to residing at your dream home!