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Buying a dream home may sound like a nightmare for most of the people, as it involves a huge sum of money and requires lifetime’s savings. If you think that you are ready to buy a home and wish to take the pride as owner but the only barrier between you and your dream home is money, then here are few tips on how to save money as down payment for your home though if you have planned to opt for a home loan.
Take some time and do a math on saving money to pay down payment for your home. Before putting some money aside as savings, initiate your plan with a thorough research of your property value. Later, calculate the approximate amount that has to be saved for your future down payment. Since, at least you need 20 per cent of the property value as down payment, calculate how much you have to save, for example, if you have planned to buy a home in the next five years then divide the 20 per cent by 5 and that will be your annual savings. It is also decide in advance that how you are willing to pay as EMI and the duration.
In case, if you feel the savings will not accommodate your down payment, you can also try the option of liquidating your other assets such as car, motor bikes and any other assets that you have. If you have bought some stocks, selling your is also a best option that will compensate for your down payment.
If you have life insurance policy and if you have hoarded sufficient money under this policy, you can take cash out of them or borrow against them as well, for more information regarding this you can consult your insurance agent. But, make sure that withdrawing money from the policy could reduce or eliminate the benefits that you have in the policy that may give rise to any unexpected financial trouble.
If you are a salaried person, you can check in your workplace, as some organization have the policy of aiding their employees in down payment, which you can also inquire in your organization at the Human Resources help desk.
You can also ask your trustworthy friends or relatives to help and share the costs by asking them to sign as to be responsible for repaying the loan, in case if you are not eligible for loan.
Though planning for savings doesn’t sound good, but if you consider your budget with broad prospective, you will be stunned that how much you can save without hampering your lifestyle. Ultimately, you will be excited looking at your month-on-month well-organized savings that will eventually make you to take the pride of ownership of your dream home.
Take some time and do a math on saving money to pay down payment for your home. Before putting some money aside as savings, initiate your plan with a thorough research of your property value. Later, calculate the approximate amount that has to be saved for your future down payment. Since, at least you need 20 per cent of the property value as down payment, calculate how much you have to save, for example, if you have planned to buy a home in the next five years then divide the 20 per cent by 5 and that will be your annual savings. It is also decide in advance that how you are willing to pay as EMI and the duration.
In case, if you feel the savings will not accommodate your down payment, you can also try the option of liquidating your other assets such as car, motor bikes and any other assets that you have. If you have bought some stocks, selling your is also a best option that will compensate for your down payment.
If you have life insurance policy and if you have hoarded sufficient money under this policy, you can take cash out of them or borrow against them as well, for more information regarding this you can consult your insurance agent. But, make sure that withdrawing money from the policy could reduce or eliminate the benefits that you have in the policy that may give rise to any unexpected financial trouble.
If you are a salaried person, you can check in your workplace, as some organization have the policy of aiding their employees in down payment, which you can also inquire in your organization at the Human Resources help desk.
You can also ask your trustworthy friends or relatives to help and share the costs by asking them to sign as to be responsible for repaying the loan, in case if you are not eligible for loan.
Though planning for savings doesn’t sound good, but if you consider your budget with broad prospective, you will be stunned that how much you can save without hampering your lifestyle. Ultimately, you will be excited looking at your month-on-month well-organized savings that will eventually make you to take the pride of ownership of your dream home.
Sovereign Developers Reviews blogs are all about real estate industry business news and updates to educate people on property deals.
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