In today’s world, women are becoming independent and financially stable, they’re not depending on anyone for their dreams and desires.
Women are breaking stereotypes by showing their interest in buying property too.
In today’s time, 32% of women in India are single home buyers. Women are well educated and career-oriented so that they shaped their own life.
A self-owned home is seen as the biggest security anchor in India. This is a great option for long term investment too. Buying a house is considered the biggest achievement for anyone. It is also the first choice for women.
Here are some tips for single women to buying a house.
1. CHECKOUT YOUR CREDIT REPORT
If you are planning to buy a house, the first thing is that you need to check your credit report. Your credit report will show your financial information over the years.
Every account you have or have had in the past will be on your report, you already have a car loan, credit card account will be treated completely like any other loan.
Your credit report shows your record of whether or not you have paid your outstanding balance on time. If you are delayed in paying those amounts or any payment, it will affect your credit score.
The moneylender will ask them why you did not pay them on time, you have to make them clear.
So if you have any late payment record for your payments, please prepare or explain the reason for that.
2. BE FINANCIALLY STABLE
Economically stable wellbeing is one of the most important tips for buying a house. You have to be well prepared for their down payment. The down payment can be 10% or 20% of the value of the property.
For example – if the cost of the flat price is 1 crore, the down payment will be around 10 lakhs for 10% and 20 lakhs for 20%.
To create your down payment fund, start making savings plans for the down payment, avoid wastage of money, empty your debts, try to increase your income.
3. REDUCE YOUR EXPENSES CAN BE A GREAT HELP
To buy a house it is important to make your budget from your monthly salary. You have to make a plan for your income to determine your spending money. Compare your salary with your expenses and you will know your spending money.
You don’t have to cut your expenses, just reduce them. For example, if you are a restaurant lover and you go there 10 times a month, you can reduce it to 4 or 5 times a month and save your income. Don’t go for very expensive things, just go for something cheap. This will reduce your expenses and save money for your home.
3. DO RESEARCH FOR YOUR DREAM HOUSE
Do some research before purchasing a property. You must know in advance what you are looking for?
Are you looking for an apartment or an independent house or penthouse? How many bedrooms do you need? What facilities do you want such as pool, clubhouse, etc.? Do not buy property over your budget, it can create problems for you in the future for a lifetime.
Ensure that the house is built with Vastu compliance. The north-East facing of the house is considered as the best for living.
4. FIND THE SUITABLE LOCALITY
By the way, your dream house should be in a good area or locality, its connectivity area, its neighborhood is important such as schools, colleges, markets, and hospitals should be near your home. Always research before purchasing any property. Make sure to check the area first because your stay around a house can be affected like there should not be any slum area near your house, it should not be a very noisy place otherwise it will be difficult to stay over there.
5. MAKE YOUR BUDGET FOR BUYING A HOUSE
Your budget should be clear to you first about how much money you want to spend on the house. For example- if you have a budget of 50 lakhs to buy a house, then you only need to find properties that are less than or equal to 50 lakhs. Knowing the cost or your budget can help you decide what to choose. Many people go for a home that they cannot really afford and subsequently struggle with their EMI.
6. DON’T SAVE ONLY INVEST TOO
Buying a house is not a small thing, it requires a lot of money. Your salary and savings may not be enough to buy a house, so try to invest as well. Just like your savings account gives you a 4% return, an FD will give you around 6%, a recurring deposit can give you around 7-8%, mutual funds can give you 10-15%. According to this, you can invest your money with the best schemes so you can get good returns.
7. SET ASIDE MONEY FOR FUTURE EMIs
Buying a house is not an easy task for anyone and buying a house without a home loan seems impossible for anyone. The home loan is not cheap, you have to pay your EMI every month. You can take the help of an online EMI calculator to calculate your EMI amount. It is better to set aside your EMI amount and in this way will help you pay for your future EMIS practices. You should start this practice from today.
8. PREPARE TO BEAR OTHER COST TOO
You not only have to pay the payment, but you also have to be prepared for other expenses like stamp duty, registration cost, memorandum of title deed, interior decoration, electricity connection, water supply, brokerage fee, legal fees, and other maintenance charges. Therefore, do not forget to estimate these before buying a house.
9. COMPARE HOME LOAN RATES WITH DIFFERENT BANKS
If you are going for a home loan, do not forget to compare loan rates with different banks. You can take the help of third-party websites like PolicyBazaar.com or BankBazaar.com. The interest rate usually starts at 8% per annum for government banks. If you choose a private bank, the loan interest rate will start at 9% per year.
Other aspects such as processing fees, pre-closure charges, and late payment fees are also considered. Therefore, compare all things before making a plan to buy a home.
10. TAX BENEFITS
Another reason why we should go for a home loan is some tax benefits of repayment of loans. Under Section 24 of the Income Tax Act, you can claim up to 2 lakhs per financial year on the interest paid on your home loan, and under Section 80C you can claim up to Rs 1.5 lakhs per financial year. Therefore, don’t forget to claim it while filling the annual ITR return.
For any woman, owning a home can be the biggest achievement and proud moment for her family. But delaying the plan may not be good and profitable. Your income may increase in the future, but your money needs to be spent in a proper place. Therefore, learn to manage your money well, you may also need to make some sacrifices. But once you start doing this you will get huge benefits when buying your dream home.