Most young people dream of purchasing and owning a house in their lives. Being a homeowner is great and more and more youngsters want to be homeowners. However, just having a dream isn’t enough. One has to put it into practice. Are you ready to become a Homeowner? India’s First Free Online Financial Advisory Moneymindz
1. Figure out your finances first
Keep a budget and list down your monthly income, expenses, savings, investments, financial goals and the time frame by which you need to achieve each financial goal. See how much money you might have to save before building or buying a house. Get Personalized Advice On Home Loan From Kuber Mindz, Visit and Give A Miss Call On 022-62116588
2. Have an Emergency Fund ready
An Emergency Fund is also known as a Contingency Fund and is designed to protect you from emergencies financially. When Emergency strikes, people are often left with no alternative apart from borrowing. They borrow from their own savings and investments, from friends and family or even from third parties and other lenders. Rather than getting into debt, have a Rainy Day Fund to tackle sudden emergencies. India’s First Free On call Financial Advisory Moneymindz
3. Get Insurance
Home Insurance, Term Insurance, Health Insurance and Property Insurance are some crucial Insurance products you have to buy. Do not delay in purchasing Insurance so that you don’t have to deal with disasters yourself later on. In case you plan to travel, buy Travel Insurance too.
4. Maintain a good credit score
In case you have a credit card (many people do), ensure your credit score is good. Otherwise, you will face unnecessary consequences and difficulties later on such as rejection of Home Loan, etc. To maintain a good credit score, you have to clear all your credit debt and use your card wisely. Don’t make impulse purchases and make sure you pay regularly. Certified Financial Planner Kuber Mindz Moneymindz
5. Be aware of the location
At which location do you want to own a house? How is the neighbourhood? Does it have all the amenities you want? These are some things you have to find out. You might like a park close to your house but in your new location, the nearest park might be 2 Kilometers away!
6. Check if you have to take Home Loan
Despite having sufficient funds, sometimes it is insufficient and you may have to take a Home Loan. Make sure you find the right lender, borrow the right amount and repay the amount at the right time. Smart Financial Advisor, Kuber Mindz
For more information visit www.moneymindz.com or give a missed call to 022-62116588.