With homes selling like hotcakes all across the premium locations of South Delhi, certainly, the idea of buying a real estate must have crossed your mind at some point.
But is it the right time for you to be a homeowner?
For beginners, buying a flat is probably the biggest monetary investment you will EVER execute. So you need to be utterly sure that the property purchase is going to be a good or favorable decision.
Let’s get real. No one has the monetary position we hope for. We’re all in this mouse race and economic comfortability is the outcome goal. But stay true with yourself about this subject. How many loans do you actually have? find out. Make a document of each and everything you owe funds on. You should include all credit card loans, Education loans, car loans, business loans etc. You should be well aware of the minimum amount you already owe every month.
The money you pay in rent would be comparable to the expense you would pay in principle and interest on your home loan. However, it does not cover property taxes, insurance, maintenance fees, electricity, water bills.
Nowadays you can avail a home loan even without a huge downpayment. But understand this, the maximum down payment that you can give while buying a property in Delhi will definitely help you. Larger down payment can get you a property at a much-negotiated price from the seller and will also make your EMI’s much lower and comfortable to pay.