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Four tips for young couples who purchasing property for the first time

One of the biggest milestones for young couple is to purchase a house of their own. There is a lot of thought and work that goes into making this purchase. You have to apply for home loans, get your finances in order, and most importantly finding a home you love. <br>

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Four tips for young couples who purchasing property for the first time

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  1. Four tips for young couples who purchasing property for the first time

  2. One of the biggest milestones for young couple is to purchase a house of their own. • There is a lot of thought and work that goes into making this purchase. • You have to apply for home loans, get your finances in order, and most importantly finding a home you love. • Sustainable housing in a good locality can be very expensive, especially for a young couple. • This is the reason why the government and banks are trying hard to make housing loans available to as many people as possible.

  3. One of the best schemes devised for this purpose is the Pradhan Mantri Awas Yojana. • This is an interest subsidy scheme that has been named as 'Credit Linked Subsidy Scheme for Middle Income Groups – CLSS (MIG)'. • As per this new subsidy, middle-income groups with incomes in the eligible range will get a subsidy on their interest rate of three to four percent. • This scheme is very handy tool for the middle income groups seeking home loans.

  4. If you’re someone who has just started out in life, and are seeking a home for yourself then here are some tips that you should keep in mind.

  5. Make a Well Informed Decision

  6. Don’t always go according to sage advice given by relatives housing and friends. • A home is a long term investment, make a decision only after studying proper real estate markets, home loan interest rates, which properties are most lucrative investments and so on.

  7. Budgeting

  8. If you go looking, you will find real estate prices ranging from a few lakhs to a few crores. • It all depends on the locality you choose, the builder and the size of the property. • Take into account the earning of your family, any immediate big expenses like student loans, medical expenses etc. and then decide upon a budget and a feasible amount for your home loan.

  9. Buying vs Renting

  10. In a city like Mumbai, owning your own home is a big feat, for any young couple. • Property more expensive than gold, so even after a home loan, one might struggle to keep it. • Decide wisely what is best for you. • A lot of times renting a property can be more lucrative than having to pay an EMI for the next 10-20 years.

  11. The Starter Home

  12. Consider buying a small home to start off with. • This can be your starter home. • Buy a property that is least likely to depreciate and something that will give you value for your money when you sell it or rent it later on. • Consider buying property in developing area or township as that is assured to give you good returns.

  13. Thank You

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