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Priyabrata Prusty
Updated Sep 15, 2021 | 08:00 IST
home loan, Emergency corpus, how much home loan should take, home loan checklist
Applying for a home loan? Five things you should check to ensure it does not ruin your finances  |  Photo Credit: BCCL

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  • Over the last 18 months many individuals who had stretched themselves by taking a bigger home loan went through a severe financial crisis
  • So before you go for a large home loan, ask yourself the following questions
  • Investing in a property may not give you the required returns which you need to have a comfortable retirement
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free slots machine games,Is your emergency corpus in place?

Before you start planning for the big financial outlay, ensure that your emergency corpus is in place. The emergency corpus should be large enough to cover your expenses including the home loan EMI for the next 12 months. Having such an emergency corpus will provide an immediate financial cushion in case of loss of income owing to job loss, accident or prolonged illness. Over the last 18 months, people have realised the importance of having such as emergency corpus.,fc barce

situs sbobet88,Have you bought term, medical insurance?

Apart from having an emergency financial corpus, you should also cover your family with term insurance and medical insurance. As per experts, if you are married and have dependent children then the term insurance cover should be equivalent to 10 years of your present annual income. For instance, if your annual income is Rs 15 lakh, the sum assured of the term insurance should be Rs 1.5 crore. Similarly, a comprehensive family floater medical insurance of at least Rs 10 lakh cover is essential is to ensure that you don't have to dip into your savings in case of any emergency hospitalisation of any of your family members. ,888bet

online holdem,Do you have the money for down payment and registration charges?

football games to play online,Banks typically require the home loan borrower to bring in at least 20% of the cost of the house as down payment before they sanction a loan for the remaining amount. For example, if you are buying a house worth Rs 50 lakh, you need to pay at least Rs 10 lakhs as down payment for the loan. On top of it, you also have to pay the cost of registration and GST (in case of under-construction properties), which could be around 7-10% of the cost of the house depending on the state in which you are buying the property. Also, you need to factor in expenses relating to any renovations or furnishings for your new home. All these expenses could be around 30-35% of the total cost of the house which you need to arrange before buying a house on loan.

Worth mentioning here is that it will be better if you can give a bigger down payment as your loan amount will be less and you can get a better deal on interest rate from your bank. Also, a smaller loan component reduces your overall interest outgo and allows for faster repayment.,free slots penny slots

judi roulette,It may be noted you should have the above corpus on top of the emergency corpus mentioned above and you should not touch the savings set aside for other long term goals such as retirement and children's education for paying the down payment.

How much home loan EMI can you service?,roulette web

The EMI that you can serve with your present income will decide the amount and tenure of the loan. Banks typically assume that 50% of your monthly take-home salary can be used to service your home and other existing loans. For example, if your take-home salary is Rs 1 lakh, then banks assume that you can pay maximum Rs 50,000 as loan EMIs. But if you already have some existing loans, then your home loan servicing capacity reduces further.  ,malaisa

10cric login issue,Also, if your fixed monthly expenses are more than 50% of your income, then even a Rs 50,000 home loan EMI will be unaffordable for you. Further, if you are buying an under-construction property, you will likely be paying rent along with your EMI. Make sure you can afford this even if the bank is willing to give you a large loan. Stretching your budget beyond a point is not advisable. Always have some buffer to factor in any possible reduction in your income due to factors which are not within your control. 

situs sbobet88,Are any other goals being compromised?

Buying a house should not come at the cost of other long term financial goals given the realities of today's housing market. Worth mentioning here is that over the last decade, property prices in major cities have not witnessed any substantial rise. So in such a situation if you drop your allocation towards other financial goals such as retirement and children's education to provide for the home loan EMI then you could find it difficult to accumulate the required corpus for other goals. If your present income does not allow you to service a home loan after providing for non-negotiable targets such as retirement and higher education then you should postpone your house purchase decision for some more years rather than compromising on other goals, say experts.,football games unblocked no flash

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