Are you looking for a place to call your own? Buying property or owning a home can be a fantastic move towards greater financial independence, as long as you don’t forget to base your decision on certain important factors.
Here’s what you need to remember as a single woman home/property buyer:
Avoid making any rash financial decisions. You should plan the budget when buying a new home, without compromising on your current financial comfort. Be realistic about what you can afford. The purchase price of property isn’t the only expense that you have to keep in mind. There will be ongoing maintenance costs, insurance, and property taxes that you’ll need to take care of.
Scout the location
Don’t be too quick to choose and buy a home. Spend some time doing research on the prospective property before you make a final selection: Is it a safe location? Is it in an area that offers basic amenities? How well-connected is it to other key locations?
Get a home loan
Choose a home loan amount using a housing loan eligibility calculator. A housing loan eligibility calculator helps to figure out the costs of owning a home that you can afford. Make sure that the home loan you opt for has the best interest rate to offer. Lenders tend to offer lower home loan interest rates to women since they’re less likely to default on payments.
Consider making home loan pre-payment. You can save on future interest payment and reduce the home loan EMIs by opting for home loan pre-payment. Also, when you’re choosing a home loan, don’t forget to enquire about the tax benefits on home loans. In India, there are specific tax benefits on home loans available for women. You are also entitled to a tax deduction of up to INR 2 lakhs on the home loan interest rate paid.
Property purchase can serve as a great investment, especially if your goal is to eventually buy a new home that is bigger or in a better location. This is mainly because the value of the land is likely to appreciate with time. Moreover, if you’re not planning to live in your new home for the time being, you can always rent it out. The steady income that you’ll receive from renters can come in handy to pay off your home loan EMIs.
When you buy a home alone, all the responsibility lies with you. Safeguard yourself financially against natural calamities and theft by choosing an insurance cover for your new home. Protect yourself from future liability by taking out insurance on the home loan as well.
For more tips on home loans for women, contact HERE!