5 Questions To Ask Yourself Before Buying A HomeDecember 21, 2017
A home is a desire of many and all their lives they have worked towards achieving this goal. And when you feel ready to make the dream into a reality, it is vital to ensure your financial capacity before taking the final plunge, as financial planning is a key decisive factor in home buying.
Here are the 5 questions you should ask yourself before making the purchase.
1. Am I earning enough?
The first and prime most question you should answer is whether your income would suffice the requirement of a home loan. It is wise not to make the deal if your earnings could not cover the interest, property tax, maintenance charges and household expenses.
2. Have I saved enough?
A home purchase decision is not one to be made in haste. Only after evaluating whether you have sufficient funds to cater to the down payment, legal cost, miscellaneous charges, household budget and unforeseen expenses; that you should finalize the purchase decision.
3. Is my monthly income stable enough?
Your monthly income should not vary so as to affect the EMIs and other expenses. In case of any delay or missed payment, you will be considered a defaulter. So, it is better to avoid any unpredictability in your income that alters your financial status.
4. Is my CIBIL score good?
CIBIL score assesses your repayment capacity in comparison to your previous and current loan repayments. Your home loan eligibility depends on your financial history, timely payment of loans, credit card usage and dependency on borrowings.
5. Will I end up in debt?
If you are planning to finance your new home by borrowing money or selling gold as your current financial liabilities eat up the lion share of your monthly income, it is recommended to drop that decision as it may leave you in debt for long.
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