The new year is a time for fresh beginnings and new goals. For many, the dream of owning a home is at the top of their resolution list. If you're looking to buy a home in the new year, explore the Home Loan options available in the market to decide which type suits your needs.
How to buy a house in the new year?
Determine the location and size of your home
Start by deciding on the ideal location and size of your dream home. Consider factors like proximity to work, schools and amenities, as well as your current and future space requirements.
Research the home prices in your desired area
Conduct thorough research on property prices in your preferred locations. This will help you set a realistic budget and plan your finances accordingly.
Check your eligibility for a Home Loan
Assess your Home Loan eligibility based on your income, credit score and existing liabilities. Use Axis Bank's Home Loan Eligibility Calculator to get an estimate of the loan amount you qualify for.
Arrange funds for a down payment
Most lenders require a down payment of 10-20% of the property value. Start saving early or explore options like gifts from family or liquidating investments to arrange the down payment.
Check affordability
Ensure that you can afford to pay off your Home Loan. Consider your income, regular expenses and the estimated EMI of your Home Loan to make sure that your salary or business income can cover the loan installment comfortably.
Explore Home Loan options for buying a house in the new year
1. Home Purchase Loan
A Home Purchase Loan is a standard Housing Loan designed for buying a pre-constructed house or apartment. Lenders generally finance 75-85% of the cost, while you must pay the balance as a down payment.
2. Loan for Home Construction
If you plan to build your dream home from scratch, a Loan for Home Construction can provide the funds you need. This type of loan is disbursed in stages as the construction progresses.
3. Home Improvement or Extension Loan
If you already own a home but want to renovate or expand it, a Home Improvement or Extension Loan can finance your project. This type of loan allows you to enhance your existing property without dipping into your savings.
4. Balance Transfer Home Loan
If you have an existing Home Loan with another lender, you may be able to save on interest by transferring your loan balance to a new lender offering a lower rate. A Balance Transfer Home Loan can help you reduce your monthly repayments and pay off your loan faster.
Axis Bank offers a range of Home Loan options to suit your needs, with features such as:
- Loans for resident Indians and NRIs, both salaried and self-employed.
- Attractive fixed and floating interest rates.
- Repayment tenures up to 30 years.
Also Read: Types of Home Loans: 5 different kinds of Home Loans
Conclusion
Buying a new home is an exciting milestone, and with the right preparation and Home Loan, you can make your dream a reality in the new year. Take the first step today by exploring various types of Home Loan options available in the market.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
