Fed up of living in a rented space? Better to buy your own home! No need to worry over the finances if you have a stable paying job as you can always get a home loan to cover your expenses.
When you are buying your new villa in Kochi, the most important thing to consider is how much you’re willing or able to spend. There are several factors like your credit, income, spending, and down payment. If you review your own finances it will help you figure out what you can afford to buy, what monthly mortgage payment you can pay each month and whether you’re likely to be accepted for a mortgage.
Here are a few rules of thumb to follow to figure out the question how to determine your budget for buying a house from Asset Homes, builders of premium Villas in Kerala.
Set out a financial plan
Before you start looking for a new villa in Kochi, Kerala, implement a financial plan! You should work out the details of your income, expenses and provision for absorbing the home purchase costs. Going for a home loan is the most convenient way to get more finance. Planning a budget helps to ensure that you can actually afford to pay your mortgage each month.
Determine your affordability
Before buying the villas in Kochi, analyse your financial situation and make a decision based on this. Look for homes that cost no more than three to five times your annual household income. 20% down payment is needed if you go for a loan.
Not more than 25% of your income
Your house payment should not be more than 25% of your monthly income is one basic guideline to follow! Banks may be willing to lend you more money than you can really afford. But it is up to you to determine the right budget.
Work with a Professional
It’s always wise to consult a finance professional to determine how much you can realistically afford to spend on a home.
Debt-to-income ratio
Your debt-to-income ratio is an important factor to determine how much to borrow for your new villa in Kerala. It is the total amount of all your monthly debt payments like your mortgage, credit card payment, car payments, student loan payments divided by your gross monthly income. A higher debt-to-income ratio means more trouble to make EMI payments.
Other costs
Apart from the down payment, you will need to have money set aside for the closing costs. These include realtors' fees, insurance, taxes, home repairs or upgrades, and maintenance. Nearly 2-5% of your home's purchase price goes on closing costs.
Now that you know how to determine your budget for buying a house you can very well go ahead and purchase your villa in Kochi. We at Asset Homes, prime builders in Kerala are ever ready to help you in every way we can. Contact us today!
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