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According to Keki Mistry, Vice-Chairman of HDFC, the average age of homebuyers in India range between 35 and 38 years. This means first time homebuyers tend to wait until after they have moved past owning a car and starting a family before moving on to the next stage of their lives. That, however, hasn’t stopped the millions of 20-somethings from reaching the milestone a decade early in their lives. If you are in your 20s, here is how you can own a dream home in the near future.
Dos and Don’ts to have a home of your own in your 20s:
- Figure out the locality you want to live in
Zeroing in on where you want to live is the first step to owning a home. Everybody will have a locality where they want to live in and is often based on a variety of factors such as distance to the workplace, proximity to key economic hubs, schools and hospitals nearby, and other amenities. So your first step as a homebuyer would be to figure out the area you want to live in and whether it fits the budget.
- Aggressively save for 2 years
A vast majority of us opt for a loan to buy a house we want to live in. These loans don’t come easy. As a first, you need to show the bank that you can handle the purchase and the best way to portray this is by having a downpayment which could be 20% to 30% of the overall property value. Be as stingy as you can and live a minimalist live for two years to save up most of your yearly income.
- Get an approved offer from a bank
As a first time home buyer you need to have all the documentation ready to approach a bank in the first place. Once there, submit them to the bank and get an approved offer from the bank.
- Find a co-applicant
Having a co-applicant to sign off on the loan along with you will increase your chances of getting a loan by over 50%. Get a co-applicant along with you and increase your chances of getting the loan while also reducing the burden of having to pay the entire EMI amount by yourself.
- Be sure because it’s a big commitment
A home loan EMI tenure can easily spread beyond 15-20 years in most cases and it requires you to be ready for such extended periods of time. So, be sure about taking on such a major financial responsibility.
- Buy from a trusted builder
The real estate market is cutthroat and there have been instances of illegal entities cheating you off your hard-earned money. In order to safeguard yourself from this, do your due diligence by checking whether a builder is listed on RERA.
At HM Group, we offer customers with affordably priced apartments in highly-coveted with top-notch amenities. Apart from this, we also have a spectacular offer on hand wherein you have to pay just Rs.10,000 to buy a home.
Along with this, you will also receive a 10-month EMI holiday facility. All of these will help you save on Rs.25,000 you pay on rent. Interested? Get in touch with us to chat with a property counselor or for a model home visit on 8880225555!