Does It Make Sense To Buy A House Early?

[{"selector":"#anim-700ff13c-c1a4-4648-9653-8b18329ba27e","keyframes":{"transform":["translate3d(0px, 150.19155%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Is Now The Right Time? Is Now The Right Time? You may be earning a high salary right now to afford a house - but can you stick with the 10-15 year financial commitment that comes with taking out a home loan?

[{"selector":"#anim-de7312ee-73e3-48db-a00e-829e8677d621","keyframes":{"transform":["translate3d(0px, -195.88119%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The Factors The Factors There are many factors to consider - property rates, your age, whether you have enough funds for a down payment and how you are using the home (to live in/as an investment).

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[{"selector":"#anim-6d816f2b-d5b7-4a1b-8825-a44fa90dfa9a","keyframes":{"transform":["translate3d(0px, 160.45404%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Affordability Affordability This is generally measured by property prices vis-a-vis annual income - and it has become favourable in the last decade or so.

[{"selector":"#anim-04e62ac6-d42b-4ba8-a5cd-fb05d7553811","keyframes":{"transform":["translate3d(0px, -188.98468%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] EMI EMI The thumb rule to follow is: the EMI amount should not be more than 1/4 of your monthly take-home salary. So, if you earn 1 lac a month, EMI should not be more than Rs. 25,000.

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[{"selector":"#anim-db08b2fc-5450-4db9-a972-38fec59bc154","keyframes":{"transform":["translate3d(0px, 165.83037%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Age Age A home loan takes at least 10-15 years to pay off. If you are in your 20s, make sure you have a stable career before jumping in to buy a house.

[{"selector":"#anim-342ef932-0899-4cc1-96a9-22f9149d4cc3","keyframes":{"transform":["translate3d(0px, 132.95016%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Staying/Investment Staying/Investment Buy a home if you are going to stay in it - don’t treat it as an investment. If you’ve been renting for long, consider buying a home, keeping the above factors in mind.

[{"selector":"#anim-08b2045c-1403-4e20-9109-1392f00e0601","keyframes":{"transform":["translate3d(0px, 134.67432%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b00091dc-5daa-4ebb-a103-7ed12d9654dc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"fill":"both"}] Takeaway Takeaway Owning a house early on in life is a matter of pride, and can give you a sense of security. But - make sure all your finances are in order before you take the plunge.

[{"selector":"#anim-6027ac3a-a730-401a-b3ee-901afa5851f3","keyframes":{"transform":["scale(0.05)","scale(1)"]},"delay":101,"direction":"normal","duration":1401,"easing":"cubic-bezier(0.77, 0, 0.175, 1)","fill":"both"}] Mutual Fund investments are subject to market risks, read all scheme related documents carefully.