Save your Money Faster to Purchase a House in 2020
Feb 04, 2020 Real Estate News
With the market sales being low and the buyers having a lot of option to choose from, it is indeed the right time for the potential homebuyers to invest in the property purchase. The banks are offering the lowest interest rates in the last five years, and the builders are also willing to negotiate the price to sell their unsold inventory.
2020 is a potentially good year for the homebuyers with the expectation that the banks will further reduce their interest rates to match up to the repo rates that the RBI reduced last year. Even though the banks are ready to fund almost 80 percent of the property purchase, the buyer has to pay the 20 percent of the remaining amount from their own pocket.
Saving for a property purchase is not an easy task. It requires some lifestyle changes to make sure that the purchase does not adversely affect the buyer’s monetary situation. We discuss the ways with which a homebuyer can save money faster for purchasing a home:
2020 is a potentially good year for the homebuyers with the expectation that the banks will further reduce their interest rates to match up to the repo rates that the RBI reduced last year. Even though the banks are ready to fund almost 80 percent of the property purchase, the buyer has to pay the 20 percent of the remaining amount from their own pocket.
Saving for a property purchase is not an easy task. It requires some lifestyle changes to make sure that the purchase does not adversely affect the buyer’s monetary situation. We discuss the ways with which a homebuyer can save money faster for purchasing a home:
- Reduce the habit of eating outside: With a busy lifestyle, it is only normal to get the food delivered home or go outside to eat. However, these can increase the bill without one realizing, and the 18 percent tax you pay for every meal you eat outside adds to the expenditure. Try to eat more at home than outside, and it will help you in saving a large sum of money.
- Take public transportation: In times, where one can order a cab in just a few minutes, the habit of letting it go is difficult. However, a more sustainable and pocket-friendly alternative is to take public transportation. This will help you save a lot of money you spend on cabs every month.
- Spending a lot on holidays: Spending some time away from the typical schedule of life, holidays are an escape everyone looks forward for. However, holidays can cost the person a lot of money. Try to reduce the number of holidays you take in a year. This will help you save a considerable sum of money for the house purchase.
- Switching jobs: One often overlooks the benefit of working in a company for a longer duration. Private jobs give the professionals more freedom to switch job for greener pastures that other company offers. However, if one is changing jobs after completing 9 or 10 months in a company, then it might not be a good idea as you are leaving the yearly bonus that you are supposed to receive.
- Many policies: When buying insurance, makes sure you are only buying the one that benefits you. Investing in policies and insurance that does not benefit or give you a good return in future is not a wise move. Make sure you have read the T&C before investing in the policies.
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