Not 30 Yet? Think, Think, Think Through These Before Buying A Home

Turning 30 has always been regarded as a major crossroad in life, but this has never been truer in the Indian context. Before turning 30, one wants to be free of all the debts and risks of making big decisions and big life choices. Early promotions, owning a car, a home, having a retirement plan, getting married and settling down to start a family are on everybody's wish list.

Caution complements ambition
Though completion of all these tasks on time is important, it is equally important that you do not rush into making your decisions and executing them. Think things through and take your time. Some of the decisions will change the way you live your life and cannot be undone; you do not want to sit and regret it later on. While achieving work related milestones will depend on your performance, taking care of everyday conveniences like buying your first car is relatively easy. Getting married to the right person and buying the right house are more difficult decisions because they involve a considerably higher level of planning and have a more long term impact on your life and those of your loved ones. If you are thinking about investing in property for sale in India before you turn 30, here is what you need to think through:

Choices and challenges
Whether you are looking for flats for sale in Chennai, Gurgaon or in Mumbai, owning your home is tantamount to providing undeniable security to yourself and your family. This is going to be a big change for you as well as a challenge. Finances can be managed through easy loans for the purpose of encouraging people to buy homes. Don't forget your tax incentives too and avail all your exemptions on time. To help you think things through, listed below are a few questions that you might want to consider before making this big decision in your life:

Why exactly are you buying a house?
If you are buying a house for the purpose of making it your home, you will need to consider different factors than if you are buying it for the purpose of making an investment to increase your wealth, although thinking of it as an investment even when you have no intentions of selling in the near future would be prudent.

Ensure a stable source of income to pay the EMIs off
Even before you start thinking of buying apartments in India, you need to make sure that you have a stable source of income that will enable you to pay off the loans without defaulting so that you aren't stuck in a debt trap. If you are yet not 30 years old and need to buy a house, make sure that you can pay 30% to 40% as a down payment. Also, the EMIs for your home loan should not be in excess of 40% of your entire salary or monthly income. Also, keep in mind the overhead costs such as property registration charges, etc.

Define your needs, then define your budget
Keep your needs in mind before buying the house. What will you do with a 3BHK flat when all you need is a 1BHK, especially when you don't have the money for it? On the other hand, thinking ahead in time, what will you do with a 1BHK if you will get married in the next few months and have kids on the way in the upcoming years? Before you actually buy the house, go and check the place out. You will get better insights that way.

Make use of tax incentives and tax deductible options:
Section 80C of the Income Tax Act is a big saver here. It has many options for you and you can really save big money as compared to investing somewhere else, so consulting your tax lawyer while you plan on buying your first house is a good idea.

Repayment should be well planned
The average time that it takes for a person to fully pay off a home loan is seven years. Get a disciplined budgeting plan and have your loan paid as soon as possible to avoid the interest payments accumulate over the years.