look news india
Buying a house on loan: Buying a house is not an emotional but an important financial decision. Do not buy a house just by getting carried away by emotions. But for this you also have to take care of your pocket. If you have a personal loan or credit card bill outstanding and you apply for a home loan, the bank reduces your credit limit. Before buying a house, you should check whether you are financially ready or not. But how can this be checked? You should know
According to the report, Devesh thought of taking a loan to build his dream palace. He says that when I bought the house, my salary was not much. There was less money for down payment. Due to which I had to take more home loan. Had to borrow 3 lakh rupees from a friend for registration charge and stamp duty. EMI increased my expenses. Forget the habit of saving. Had to take a personal loan to pay the friend's money. Tired of paying home loan and personal loan EMI. I think it would have been better if I had not bought the house.' This was Devesh's point. If you are also thinking of buying a house on loan, then you should keep this in mind or else you can get into a big financial crisis.
Mistake number 1
Taking a home loan beyond your capacity
Mistake number 2
Giving up on savings due to rising expenses
Mistake number 3
Taking another loan to pay back a friend
Mistake number-4
EMI of more than 30 thousand on salary of 1 lakh
Mistake number 5
The biggest challenge is maintaining cash flow
Mistake number 6.
Failure to provide a down payment before purchasing a home
Buying a home without adequate down payment and allocation of expenses in proportion to salary can lead to getting caught in a cycle of interest. Another important thing to keep in mind while buying a home is to include home loan liability in your term insurance. Otherwise, a large part of the family's income will go to the bank in times of crisis. Be sure to add a higher down payment before buying a house. Avoid taking loans for down payment and other expenses. Cut down on unnecessary expenses. So that the EMI account can be balanced.
