#recurring deposit thrissur

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[luxurykeralaflats]

Tips to save up for your first home

Nowadays people of younger age try to invest early on a forever home. Before that people were planning to buy a home only after they settled in life. The high take-home salaries of the millennials prompts them to buy homes instead of opting for rental spaces. Seeing that buying a home is possibly the biggest investment of a lifetime it is better to save up early. 

If you are about to buy a flat, here are a few tips to save up for your first home from luxurykeralaflats.com the no.1 portal for buying flats in Kerala.  

Paying the down-payment

For buying any of the flats in Kerala you need to pay the down-payment (10% - 25% of the property’s market value) from your own resources. Hence, it’s good to be disciplined in your finances. You can avoid lavish expenses & start cost-cutting. Any other debts should be cleared and you can as well try to augment your income. 

Keep to a strict Budget

Monitor your monthly expenditure! Rent payments, groceries, dining out, shopping and entertainment expenses need to be analysed. Categorise your expenses and then make a budget. Shallow expenses can be saved for your down-payment. Just trim your lifestyle expenses!

Downsizing

Downsizing can help you save more money toward buying a home very fast! This means reducing your expenses and living below your means.  You reduce the amount you pay for necessary expenses and instead divert that extra money into a savings account. Try downsizing by moving into a smaller flat in a more affordable area at the outskirts of the town.  

Invest wisely

Consider investing any excess income in fixed deposits and recurring deposits which will fetch more interest than a saving’s account. Mutual fund investments or bonds are also good investment options you can cash in.

Set aside the money for future EMIs

You can start routing your savings and investment returns for the EMI amount every month even before the payment of EMI’s start for your apartment. 

Other payments

Apart from the down payment, there are other expenses involved when buying a flat. Make an estimate, and strategize accordingly.

The main expenses will be: 

Stamp duty - 5% to 7% of the property value

Registration cost - at least 1%

Memorandum of title deed charges - 0.1% of the loan amount

Interior decoration

Electricity connection

Water supply

Brokerage fees

Legal fees

Home insurance 

                   and more. 

Automate your savings

You may consider automating your savings if you’re a impulse shopaholic! Authorize an automatic withdrawal with your bank from your primary account into a separate savings account for your down payment. This way you’ll automatically save for your home.

We at luxurykeralaflats.com hope you find these tips to save up for your first home useful. Browse through flats for sale in Thrissur at luxurykeralaflats.com and book your apartment today!