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The decision to buy your dream home should be backed by sound Financial Planning rather being an Emotional Decision. Financial Planning is very critical especially if you are buying a house on Loan. Here are some points which are essential for proper financial planning before you buy your dream house.
Down Payment: This is one of the most important reason because of which many dreams are left unfulfilled. People tend to end up saving for a long time for the down payment. During this time they tend to miss out the good opportunities of buying a home.
EMI: The second most important thing before buying a home is to plan for EMIs. You must be prepared to pay monthly EMIs over other monthly expenses. You should keep in mind that your monthly EMI should not go over 30% of your monthly income.Then only we will be able to manage the future expenses like maintenance expenses and the interest rate hike of our housing loan.
Self-Protection: Ignoring to take adequate life insurance for the house owner who is responsible for repaying the housing loan will create issues to family members in retaining the property in case of unfortunate mishappening of the house owner. In case anything happens to the house owner before the repayment of housing loan the bank will call for auction to recover the outstanding loan amount. If the house owner had adequate insurance coverage the insurance claim amount will help to retain the property without any difficulties.
Asset Protection: Protecting existing assets is more important than creating new assets. We are very eager to create new assets and give less importance in protecting the existing assets. Ignoring to take protection at the right time may put the homeowner into a trap. The protection is from the natural calamities from which you would like to safe keep your dream home.