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28 February 2011

Advice for Married Couples for Home Loans

Buying a dream home is the most precious desire of every newly married couple. Gone are the days when people used to stay in rented flats for many years and would purchase a flat in later years of life. It is very easy to get carried away by advertisements during selection of a flat and applying for a home loan.
The most important aspect to be considered is our repayment capacity. Even if both spouses are working one salary will have to be kept aside as the other takes care of monthly household expenses. Interior decoration and house warming are another expense which often goes unrecorded.  There is strong need for financial planning of the budget and extra expenses like honeymoon, movies and eating out which may be a part of new couple’s lifestyle. They also need to do family planning so that the most part or total of the home loan is repaid before they begin a family. Welcoming a new life involves many expenses right from the pregnancy till the birth and also for later years of the toddler. Monthly EMIs must be according to the affordable payment amount by the couple. Most of the couples also go in for personal loan for decorating their homes. It is not advisable to club loans as personal loans are available at mush higher rate of interest than home loans.
Planning the expense before applying for a home loan helps as the couples are both into this decision.  There is also a tendency for opting for a bigger home than they can afford.  This can be done if the salary of both spouses is expected to rise substantially over the years and also if the have assured income from other property or investments. There are many loan lending financial institutions who have attractive offers on home loans. Hence for the couple many options are available in the market and they can select the best home loan.

1 comment:

  1. hello Ma'm,

    first of all, thank you so very much for starting such a blog on home loans and stuff...

    i would like to ask you few things here...i got married last month n me n my wife plannned to buy a flat and will be undergoing home loan process very soon...

    my query is, if i register the flat in my name..am i still eligible to take home loan in joint name (me n my spouse together) ?

    if it is possible do i need to show any marriage certificate proof to the bank (lender) for a joint home loan. i am asking this because i have yet not got into the process of getting the marriage certificate as we both are from different states..so have to study the same...

    will look forward for your reply on this...

    thanks once again!!!

    regards
    rahul

    ReplyDelete

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