When it comes to buying a 2 BHK in Electronic City, there is nothing better than availing a home loan. However, people who have a single income source may not find it comfortable to make such a big financial commitment. But does that mean they cannot fulfil their desire to buy their dream home?
The answer is no. Systematically planning out the entire process can make it possible for any individual with a single income to achieve this feat.
Keep reading to learn how.
5 Steps to Buy a Home on a Single Income
Here are the steps you can follow to buy a home with a single income:
- Analyse Your Monthly Expenses
To understand how much EMI you can pay without straining your budget, you need to analyse your monthly expenses. An effective way of doing so is listing down all your spending within a month and categorising them as per their priority.
This also helps you cut down unnecessary expenses, leaving aside more cash for either paying the loan or catering to your home requirements.
- Assess Your Home Requirements
Before applying for the loan, it is important to assess your home requirements. For example, if you are a family of two (you and your spouse), going for a 4 BHK may not be a good idea. A 2 BHK will be enough for you as well as your future generation.
By analysing such aspects, you can substantially reduce your loan requirement, which will also reduce the strain on your monthly budget. Also, consider looking at various flats for sale in Bangalore to finalise the one which suits your needs the best.
- Choose Suitable Loan Terms
Now, selecting the correct loan terms is crucial to buying your new home without any financial stress. Experts advise availing a loan amount which is just enough to cover your needs. Apart from this, choosing the right tenure is also important.
Longer tenures entail lower EMIs but higher overall interest paid. However, shorter tenures increase the monthly payable amount but reduce your interest payment throughout the repayment period.
Additionally, determining the rate of interest and calculating the EMI amount is also essential. Also, consider making a higher down payment. This will reduce the overall loan amount, enabling you to pay it sooner.
- Consider Buying Under-Construction Property
Purchasing upcoming apartments in Bangalore is an excellent way to reduce your home-buying budget. These properties are usually 10-30% cheaper than their ready-to-move-in counterparts.
However, do make sure to go only for RERA-approved projects. Such buildings are constructed under strict government guidelines, and builders are bound to hand over the property within the given timeframe.
- Create an Emergency Fund
Last but not least, you need to create an emergency fund before applying for a home loan. It will act as a backup in case you are unable to pay the loan EMI due to any unforeseen financial or medical emergency.
Are you planning to invest in the best properties in Electronic City? Look no further than Mahendra Aarya!
Mahendra Aarya offers premium 2 and 3-BHK flats with unique design features like spacious living rooms, bay windows, attached balconies for every flat and more. Additionally, our residential complex is built on a 9.42-acre campus featuring 82% open space and 50+ amenities.
For any information on how to get your perfect 2 BHK in Electronic City, call us today!