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Ways to Plan your Finances in 2018

Purchasing a house resembles a critical objective for recently wedded individuals as well as for the general population those are single, acquiring and wanting to wed, not at all like the past ages who might develop or purchase the homes with the retirement stores. Click here for the details… https://goo.gl/gcBfZo

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Ways to Plan your Finances in 2018

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  1. O^^€ Q Menu ▼ WAYS TO PLAN YOUR FINANCES IN 2018 Ways to Plan your Finances in 2018 ©January 19, 2018 & Real Estate # india property blog, india property website blog, property blog, property blogs in india, property website blog, Real estateblog, real estate property blog, real estate property website blog, real estate website blog,Ways to Plan your Finances in 2018 1 Srishti Chandola ifc Like 0 Buying a house looks like a significant goal, not just for newly-married people but also for the people those are single, earning and planning to marry, unlike the previous generations who would construct or buy the homes with the retirement funds. There might be many of you, those are planning to buy the house in 2018 with the home loans. Let's understand how loan eligibility amount is actually determined, how much money needs to contribute as one's own share (margin money) when the availing of the home loan and how to raise the margin money if it isn't available already. Financial planning for buying the house in 2018 with margin money available The house type that can buy will certainly depend on 2 factors- the down payment or the margin money can make as well as the income level. According to the Reserve Bank of India and the National Residential Bank's directions, housing finances banks and companies are not allowed to give beyond a certain percentage of the fair value of property market. The percentage is called loan to value ratio as well as depends on the amount of loan being applied to the borrower. For the amount of loan of up to Rs 30 lakhs, one can get a loan of up to 90% of property value. The loan to value ratio between Rs 30 and Rs 70 lakhs is 80% and beyond Rs, 75 lakhs, restricted to 75%. While granting the home loans, the lenders don't finance the registration charges and stamp duty. This has to actually be financed by the home buyer as well as usually around 5% of one's income, being available for servicing the home loan. Also, the lenders don't extend the tenure of the home loan beyond the age of 60 years for the salaried people. In case of the professionals, the tenure can extend up to 65 years of age. If you have already accumulated the required margin money, let's look at instances, to understand the house value that will be able to buy, the amount of the home loan that will require availing of and the needed annual income to avail of the home loan. The house value in the following instances doesn't include the cost of house furnishing.

  2. Scenario 1- borrower aged 35 years and has resources of Rs 12.5 lakhs One should opt for tenure for house loan of 20 years as the age at the time of payment of the last installment would be 55 years which is below 60 years up to which the tenure of home loan can be extended. Scenario 2- borrowed aged 45 years and has resources of Rs 20 lakhs Since one has already completed 45 years of age and presuming the retirement at 60 years, one will get the home loan for the tenure of 15 years only. Financial planning accumulating margin money for house buying Those who are contemplating the house buying in near future certainly need to plan for accumulating the money margin. During this time period, one has to accumulate the required 20% of house cost. Since the available time period for between 3-5 years, it is not advisable to take risk of investing in equity for the goal. In such situation, one can begin investing in the debt schemes through the monthly SIP. Instead, one can begin investing in the debt oriented monthly schemes of the mutual funds where over 10-15% of corpus in the invested equity as to provide the scheme a chance to perform better in the case the equity performs better during the period. In case the time horizon is more than 5 years, one can begin investing through the balanced funds of the good fund house. The balanced funds are actually equity oriented funds where the minimum of 65% is invested in the equity shares and balance can actually be invested in the debt funds. The flexibility of the shift up to 35% of debt portion will help to reduce volatility associated with the equity investments. This is making sure that one accumulates to desired funds in the targeted period. While planning to increase the margin money required buying a house in the future, one needs to consider the expected increase in rates of property at least equal to the average rate of inflation. Unless one factor in this rate escalation in the property may find that margin money accumulated is not enough for down payment of property. ^ Planning to Buy a House this Year? Here are some Easy Steps Leave a Reply Your email address will not be published. Required fields are marked * Comment Name * Email * Website Post Comment

  3. Subscribe to our newsletter Want to be notified when our article is published? Enter your email address and name below to be the first to know. Send Facebook NEW SURPRISES & HOPES arr_nFavista Real n *"*" Estate Pvt Ltd 5 hours ago #Happy customers matters to us #Realestate Favista Real Estate Pvt Ltd li 1 P Comment *+ Share Twitter Timeline Tweets by @FavistaRealty Recent Blogs Ways to Plan your Finances in 2018 January 19, 2018 Planning to Buy a House this Year? Here are some Easy StepsJanuary 18, 2018 Things to do after Getting your Home PossessionJanuary 17, 2018 Tips to Maintain Garden at HomeJanuary 15, 2018 Positives & Negatives of Buying Property near the AirportJanuary 12, 2018 Favista is a Real Estate Advisory Firm based in Gurgaon, India. Favista believes in making every property transaction experience simple and successful. The aim is to bring transparency, professionalism and simplicity to the complex world of real estate. Favista takes pride in keeping the needs and concerns of the customers in highest regards. Favista Real Estate has been founded by IIT + IIM/INSEAD alumni with experience in strategy consulting, internet marketing, venture capital having been part of companies such as McKinsey, Capital One, PartyGaming and SSG Capital.

  4. Favista is a full service brokerage helping buyers/investors buy, sell, rent or lease property in India. Favista offers best realty advice for Apartments and Flats for sale in India, land/plote for sale, New Residential & Commercial Projects in India and also assists selling properties at best rates. Favista.com is the only Property Site in India that lists 100% verified properties. Favista currently operates in Gurgaon, Delhi-NCR, Noida, Mumbai and Bangalore.Those intending to sell property in India will also find this website very useful owing to the extensive reach, high brand recall and trustworthiness in the real estate space. In order to make our customers happy and for us to reach our goals, we follow the key tenets of transparency and consistently maintain integrity in everything that we do. With this professional attitude, we are set to become your preferred choice for all real estate services in India. ABOUT About UsOur TeamCareerContact UsTerms Privacy PolicyDisclaimerSite Map QUICK LINKS Post Property FREEEMI CalculatorBlogs Compare ProjectsDownload Mobile APPSale PropertyRent Property CONTACT FAVISTA Toll Free - 1800 2121 000 (ALL INDIA) Gu rgaon - +91-124-3378700 Noida - +91-120-4117463 Mumbai - +91-22-40142051 Email Sales - sales@favista.comEmail Enquiry -info@favista.com Q Unit 235 to 240 2nd Floor, Vipul Trade Center,Sohna Road Sector 48, Gurgaon, Haryana 122002. 1 Square meter = 10.764 Square feet Have More Questions? Do not hesitate to contact us! Read our FAQ's or Leave a feedback for us to contact you shortly. © 2015 Favista Real Estate Pvt. Ltd., All Rights Reserved.

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