Since time immemorial man has always dreamed of a ownership home. Marriage brings two individuals together and in their new life a new home plays a very important role. Dreaming of a big house with latest amenities may be what everyone wants but it is important to consider the required space and the financial position of the couple before selecting a home. Getting carried away by media and advertisements is possible but having consideration of many factors will help ease out many problems which may erupt during the repayment years. Firstly take note of the financial position and availability of extra money for repayment of home loan. One must list down how to cut down other expenses during the tenure of repayment and the schedules of amount to be paid over the time period. Find out the interest rates for the loan amount. In the market there are many lenders and options available for home loans. Also important to consider the down payment as this amount has to be ready before getting the loan. The other specific rules of individual lenders and institutions must be read carefully as the amount of repayment and time will go on for long. Situations may change due to inflation and one must consider the interest rate accordingly before going in for a loan decision. All documents needed must be arranged for before hand. Deciding on the amount to be taken for the home loan and the monthly installment is a very important decision. Only that amount which can be possible in the salary of one or both must be considered as there are other compulsory household expenses and one cannot let go of basics like food and clothes just for the fact that ‘we are purchasing a home and loan has to be paid’.
|Tips For Newly Married couples - Rizwana Mundewadi|