Home Loan Tips: When you go to buy a car, first take it for a test drive. Check comfort, feel and safety and only then take a decision. Similarly, before taking a home loan, it is important to test yourself once. Own home is everyone’s dream. This is the biggest purchase of any person’s life. Nowadays, a large number of people buy houses by taking home loans. Home loans have a long tenure of up to 30 years. In a home loan, you pay more interest than the principal amount of the house.
EMI should not exceed 40% of salary
In such a situation, it is important that before taking a home loan, you should test yourself and gather all the necessary information. Wealth managers say that your home loan EMI should not be more than 40 percent of your salary. EMI will be higher, which will affect your daily budget. When you take a home loan, you cannot think about any other loan. Plan well before taking a home loan.
try yourself
Before taking a home loan, you should practice paying the loan EMI for at least 3 months. For example, if you are taking a home loan of Rs 50 lakh and your monthly EMI is Rs 45,000, then withdraw Rs 45 thousand from your salary for 3 months and keep it aside. This will let you know how much you are able to repay your home loan EMI along with other expenses.
House is not a liquid asset
Keep in mind that house i.e. property is not a liquid asset. A liquid asset is one which you can sell immediately to raise money when needed. Selling a home is a long process. It is not easy to find a buyer who gives the right price. In such a situation, if you suddenly need money, you cannot raise money by selling the house immediately.
Other expenses should not be affected
If you are taking a home loan, make sure that your other important expenses are not affected. Apart from loan EMI, you will also have to meet other expenses like children’s education, EMI of previous loan. You cannot escape from these responsibilities.
Latest Business News