No money? But if I earn Rs.35 to 40 thousand a month, will we be able to buy a home? Is it so difficult for a person to buy a single or double bedroom flat worth Rs.30/35 lakhs? No, not at all, you can easily manage money to buy a home, you must read this article till the end.
If a person strongly envisages buying a home, then that person will definitely achieve; if not, they will have to strive to reach the goal constantly, success will surely come.
You have to reach your specific point with some necessary information without worrying about big bucks.
How to manage money to buy a home
Now the single or double bedroom price is not the same in any city in India. Different cities and prices are also different, so you have to set a specific amount of cash for your dream home.
If you are an employee, you will have to spend a minimum of five years to save up to 10 lakh rupees.
Thus, if your salary is Rs.40,000/-, you have to save at least a minimum of Rs.15,500/- rupees every month to reach the goal. So in this way, you will be able to get 10 lakh rupees for five years quickly.
You should have this necessary amount for buying a home, and you can easily expect it. For this, you have to take a firm decision; then, you will quickly reach the goal.
The next step is to try for a home loan, which I have described in detail below. Getting a home loan is not very difficult; remember some important things.
Minimum monthly income for a home loan
If you have a piece of proper knowledge in any field, earning money is not a very difficult task. You can make money thirty to forty thousand a month very comfortably, no doubt!
But, the real factor here is what is your mode of income. If you are working in a reputed company and your salary is deposited in a bank account. Then you are a lucky person; your goal has been reached.
If your income comes from any other source which is not deposited in the bank account, then you have to deposit or withdraw at least thirty to forty thousand rupees in the bank every month.
So in this way you have to build a good relationship with the bank. In which you will get help in taking a home loan.
Maintain goodwill with the Bank
It is essential to maintain goodwill with the bank; once your credit score goes down, it will be impossible to get a home loan or any loan from the bank. Always keep this in mind.
If you already have a loan, you will have to pay the loan instalment at the right time. It will help increase your credit score. You have to pay the EMI amount at the right time. Don’t be late. In this way, you can reach the goal.
Check home loan eligibility
You can inquire about a home loan from any bank agent or contact the bank directly for home loan eligibility. HDFC Bank, SBI Bank, IDBI and Boi Bank offer the lowest interest rate for home loans to the customer.
All these banks provide a promise of 70 to 80 per cent loan at the property’s cost. Today a reputed builder in India provides direct bank loans to customers.
Banks are associated with builders, and you do not need to do anything here; you have to submit a PAN card, an Aadhaar card, with some income documents.
How to apply for home loan
You should contact the same bank for a home loan in which you have an account, and you have good reputations. You will quickly get approved for a home loan in that bank.
For a salary of Rs.40,000/-, you will quickly get a home loan of at least Rs.20 lakhs. You have to keep the home loan period beyond 15 years, in which EMI will be less.
If the builder is affiliated with the bank, the builder will arrange everything for a home loan.
So now you have 10 lakhs, and you have got a home loan of Rs.20 lakhs. In this way, you can easily buy a home of Rs.30 lakh in 5 years.
After this, you have to apply for Pradhan Mantri Awas Yojana. It takes 5 to 6 months to get approved and get a subsidy of 2 lakh 60 thousand. So after getting the subsidy, your EMI will be reduced from Rs.2000 /-to Rs.2500/-, which will make you feel a little free by reducing a large amount of EMI.