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Tata Capital > Blog > Things to Consider While Planning a Budget for a New Home in 2021

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Things to Consider While Planning a Budget for a New Home in 2021

Things to Consider While Planning a Budget for a New Home in 2021

The very first thing you do after deciding to buy a house is figuring out your home buying budget. Doing this ensures that your new abode isn’t accompanied by years of financial stress.

Take a look at these vital points to formulate a home buying budget that suits you well:

Setting your budget meticulously

Setting an affordable budget and adhering to it is the strict rule of thumb that most first-time buyers live by. Evaluate how much you can afford and more importantly, consider the ownership costs such as property taxes, home loanrepayments, insurance, maintenance costs, and hidden charges such as – registration fees, GST, stamp duty, etc.

Simply put, if you wish to have a seamless financial transition, fixing a feasible budget and following it is paramount.

Availing a loan

Since purchasing a house is a considerable task in terms of finances, a helping hand is more than welcome. Thus, avail a home loan, especially from the right lender – one who offers affordable home loan interest rates.

You can also figure out your monthly instalments beforehand using an online EMI calculator for home loans. This way, you can evaluate the instalment costs and pre-plan your budget.

Additional Read: Home Buying In 2021: Is It the Best Time to Buy A New House Now?

Checking eligibility

For starters, home loan eligibility criteria generally requires applicants to be between 24 and 65 years of age. They can be salaried applicants or self-employed individuals with stable income and work experience.

If you wish to check your eligibility further, we suggest you use an online home loan eligibility calculator, where you can fill in the required details to evaluate the probability of you getting a loan.

Comparing terms

To find a lender whose terms align with your budget, you must do thorough research. Check lender websites, compare home loan rates, tenures, EMI terms, eligibility conditions, etc. before applying.

Making a family budget

Once you figure out the extent of housing finance your lender will most likely approve, it’s time to make a list of non-essential expenses you need to temporarily curb. Buying a house should not mean compromising on your lifestyle entirely. It should simply entail modifying certain non-frugal aspects.

You can perhaps draw out a family budget and allocate monthly spending limits on non-essential items. Doing this will help you live comfortably while repaying your loan.  

Additional Read: How to Plan the Right Budget When You Buy a New Home?

Join hands with a lender who makes things easier

Selecting the right lender who offers feasible terms to support your budget goes a long way. Therefore, head over to Tata Capital, as we offer attractive interest rates, relaxed eligibility criteria, and a home loan EMI calculator as well!

Our convenient repayment and longer tenures will guarantee a comfortable housing purchase. Visit our website to know more.

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