Signs You are Ready to Buy a Home

Mumbai has seen a number of projects underway in the past few months in some of the most affluent areas. From new residential projects in Vile Parle East to ones in Mulund, there is no dearth of residential under construction properties out here. 

For those looking to buy a home, here are some signs that indicate you are ready:

You are debt-free

One of the worst decisions you can make about purchasing a home or making any significant decision is when you already owe a huge debt, be it in the form of loans or any other way. The only way to purchase a home in such a case would be to apply for a home loan. Further, the loan repayment would require you to pay back a certain sum every month which you would have to pay without fail, over and above what you already owe others.

You work a stable job 

A stable is essential when you consider purchasing a job. After all, a stable monthly income is the only way you can avail a home loan or repay a home. In case you run a business where the income is unpredictable, you may often end up earning less than what you owe as part of the loan repayment EMI, making you lose credit.

You have fall-back savings

Fall-back savings are necessary for people purchasing a house. This can help fill the gap in the downpayment for a home or even in paying a huge sum at once, depending on the amount you have as your fall-back. And unless you are paying the entire purchase amount at one go, you are sure to avail a loan wherein you can pay back the amount slowly. While you may have a monthly income to help you pay the amount, this too can often be unpredictable depending upon a number of things. 

You intend to settle down

Most people purchasing a house are those who are finally ready to settle down and start a family. Any person looking to settle down does so once they are financially secure. Since this is one of the major criteria in making a home purchase, anyone wishing to settle down is automatically eligible.

All of these above signs point to the fact that you are now finally ready to make your much-desired home purchase.