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Whatever the case, buying a home on a single income may feel very daunting and intimidating to some. However, with a little financial planning, owning a home with a single income is very much a possibility, even if you are buying your first dream house.
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Tips to buy your dream home with a single income Whatever the case, buying a home on a single income may feel very daunting and intimidating to some. However, with a little financial planning, owning a home with a single income is very much a possibility, even if you are buying your first dream house.So, let’s have a look at some tips that will definitely help you. 1.Work on your credit profile When you apply for a home loan, you must have a good credit profile. Do not make costly purchases (>Rs. 65000) before applying for the loan. At the same time, it is not wise idea to cancel credit cards before loan application as this could shorten your credit age. Else, reduce your credit limit that comes out to be more fruitful. 2. Get an insurance protection plan In these unfortunate events of unemployment, accident, or death, you and your family must need financial protection that could cover your loan. There are various short and long term premium plans that offer protection from unexpected events that could lead to non-payment on single income investments.
3.Find a guarantor for your loan A guarantor sign may help you seal the deal with your home loan. Although, it is not compulsory that you get a guarantor for a home loan, the third party assurance helps process your loan faster. But before you find a guarantor for your home loan, you must understand the different risks involved in it. Once a guarantor signs for you, they are liable for your loan payment, and their loan eligibility goes down significantly. In most cases, the guarantor is an immediate family member. 4. Must save up for your down payment In various countries, the government allows for a maximum of 80% loan, meaning you will have to make a 20% down payment on your home. If you are looking forward to buying your dream home, then it would be wise to start saving early. However, even saving 20% is significant, and isn’t always practical. But, there are many other ways to secure a home loan down payment, read below to know more: oA loan from your employer A loan from your employer for your down payment is very much possible, and an easy process at that. It is a much easier than any other process to arrange for a down payment from your employer, as they have the assurance of your salary. oGold loan One could easily mortgage their gold for instant loans to pay home down payment. There are many private institutions willing to pay money for gold, a gold loan is one of the fastest ways to arrange for a down payment. oHome down payment loans An extension of the gold loan, the home down payment is offered by few institutions. The home down payment loan is offered at 11% interest for a 12-60 months period against gold. 5. Must pick the perfect EMI plan for you Now, this is perhaps one of the most important aspect to consider when you apply for a home loan on a single income. You must carefully consider how much you will be able to
pay for your home loan every month. Your home loan should ideally be 40% of your net income to run your family smoothly. If you have other sources of income apart from your monthly earnings, then consider increasing your EMI for shorter loan duration. Also, you must remember that the ideal tenure of a home loan is considered at 15-20 years. Contact Us:- Website https://www.conleyrealtygroup.com Address 1715 Candler Rd Georgia, 30032, USA Phone Number 678-399-3300
