LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Are you planning to buy house or flat? Is it the right time to go for it? This guide will help

One should consider the stability of their income before borrowing a home loan. An individual should have sufficient funds in his kitty to pay down payment. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Are you planning to buy house or flat? Is it the right time to go for it? This guide will help
Having a decent credit score, being ready for other ancillary expenses and a secured emergency fund are the other indicators that one is ready for home ownership. Photo: Pixabay
Written By: Asit Manohar
Updated: Tue, May 28, 2019
06:55 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Karnataka Budget 2021 brings this good news for homebuyers planning to buy flats worth Rs 35 lakhs to Rs 45 lakhs Karnataka Budget 2021 brings this good news for homebuyers planning to buy flats worth Rs 35 lakhs to Rs 45 lakhs
DDA draw LIVE results 2021 - Date, time, streaming, webcast link to check online allotment of flats DDA draw LIVE results 2021 - Date, time, streaming, webcast link to check online allotment of flats
DDA Housing Scheme 2021: Draw for allotment of flats on this DATE—Watch it live on AWAAS app DDA Housing Scheme 2021: Draw for allotment of flats on this DATE—Watch it live on AWAAS app
Homebuyers alert! Avoid real estate troubles by knowing these top 5 things before buying flat in 2021 Homebuyers alert! Avoid real estate troubles by knowing these top 5 things before buying flat in 2021
Why home buyers are attracted to Greater Noida; here we explain Why home buyers are attracted to Greater Noida; here we explain

Investing in a new abode is a significant decision. Individuals save a sizeable portion of their earnings for a long time to be able to afford a home and expenses corresponding to it. Scholars in the field, have always laid down advice on the market conditions to buy real estate, when to invest, how to structure the sale and how to select the perfect property. However, nobody ever talks about when is the right time for an individual to actually invest in a house.

Sona Gaharwar, Business Head, Tata Capital Housing Finance Limited, Mumbai said that income stability is one of the primary factors to consider when contemplating a decision to buy a house. “It’s very natural to make an impulsive decision when there is a sudden influx of a large sum of money in hand. However, one should consider the stability of their income before approaching a home loan. An individual should have sufficient funds in his kitty to pay down payment as well as repay successive loan installments without compromising his or her current lifestyle.” She added.
 
Considering your current debts and responsibilities is another important aspect when deciding to buy a new house. Unless an individual has the resourced to pay the entire cost of the house upfront, he may need a loan. A loan is an added expense on the existing pile of debt. To be able to afford a house and ascertain if you are ready to take the plunge, one must review their outstanding payables. It is always prudent to have minimum outstanding debt when contemplating a decision to invest in a new home.
 
According to Sona, planning in advance, having a decent credit score, being ready for other ancillary expenses, a good idea of taxes and government regulations and a secured emergency fund are the other indicators that one is ready for home ownership.
 
Though financially, these are the aspects one must look at while preparing themselves to buy a house there are also various other social and psychological factors that must be paid attention to. A desire to settle down for the long run and choice of neighborhood are some of them. Buying a house is the biggest decision of one’s life and is likely to set an individual back by a few lakhs of rupees, hence before sealing the coveted deal it is always wise to base your decision on reviewing the factors above. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Real Estatehome loan
RELATED NEWS
Karnataka Budget 2021 brings this good news for homebuyers planning to buy flats worth Rs 35 lakhs to Rs 45 lakhs Karnataka Budget 2021 brings this good news for homebuyers planning to buy flats worth Rs 35 lakhs to Rs 45 lakhs
DDA draw LIVE results 2021 - Date, time, streaming, webcast link to check online allotment of flats DDA draw LIVE results 2021 - Date, time, streaming, webcast link to check online allotment of flats
DDA Housing Scheme 2021: Draw for allotment of flats on this DATE—Watch it live on AWAAS app DDA Housing Scheme 2021: Draw for allotment of flats on this DATE—Watch it live on AWAAS app
Homebuyers alert! Avoid real estate troubles by knowing these top 5 things before buying flat in 2021 Homebuyers alert! Avoid real estate troubles by knowing these top 5 things before buying flat in 2021
Why home buyers are attracted to Greater Noida; here we explain Why home buyers are attracted to Greater Noida; here we explain

LATEST NEWS

Tesla expanding full self driving beta to more drivers: Elon Musk

In chat with Anil Singhvi, analyst Vikas Sethi picks Nalco, L and T Finance as top buys for big gains

PUBG Mobile 1.3 global update: APK download link, check expected release date and more!

Happy International Women's Day: Check best WhatsApp wishes, quotes, messages fo your loved ones

SBI Pension Loan: Former Central and state government employees, defence pensioners or family pensioners, this scheme tailor made for you; check interest rate

SBI share price Technical Analysis: Decoded by Bonanza Portfolio

Petrol price near Rs 100? Forget that, here is something that will give you 100-km for only Rs 7

4 held for duping Pune co-op bank of over Rs 71Cr

7th Pay Commission: After family pension, Modi government BIG relief on DA for central government employees likely soon, pensioners to benefit too

Special Pick With Anil Singhvi: Here are top stocks to buy on International Women’s Day

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved