Buying a flat for self is a universal dream. Each and every person on this planet thinks of having a house on their own name. It is actually the pinnacle of adulthood for many. But we all dream this dream know exactly how difficult it is to achieve. One need to be self-controlled, disciplined, saving oriented and ready to sacrifice impulses joys for long-term earnings. That's not it. Being able to pay in the time of payment, have their own challenges.
HERE ARE FEW TIPS OF MONEY SAFE FOR YOUR DREAM FLAT:
1. START EARLY
Starting to invest early in your career is the most important thing for you to buy your dream home. Many experts advise you to start saving in the late 20s or early 30s. Reason being, applying for a period of 30 years, your EMI pressure and needlessness.
2. INVEST IN MUTUAL FUND SIP
Investing in a mutual fund SIP specifically for loan EMI repayment purpose before even taking a loan will give you an edge in the long-term. You will get an interest of 10-18% in return for the SIP (depending on its nature). It's like having savings account for your future savings.
3. SAY NO TO CREDIT CARDS
Using cash might seem like a lot of hassle but it saves you a lot of money down the line. Many studies show you how to spend your money on credit, or just use cash (or Digital Banking).
4. HAVE TWO DIFFERENT SAVING ACCOUNTS
This idea might not seem logical, but it does not make sense to you. Keep one account for your budget and other expenses. Like Saving for education loan EMI, Camping trip 2 months down the line and others.
5. CUT THE EXTRA OUT
If you understand the importance of saving at an early age, you must know the importance of not spending money unnecessarily. Trying to save a house does not mean you want to live. It's just the sheer discipline of knowing where to spend, as soon as possible.
Do not live life at the expense of not enjoying it, in your mission to have your dream house. But if it's something that you really want, you can definitely do it.
Hiranandani Communities has come up with residential projects in Mumbai and Navi Mumbai for your housing needs. Check out their properties and loan procedure while you look for a home.