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Owning a home isn’t an easy decision to make. Everything in and around your life needs to be taken into consideration before you own one. You have to consider your job security, expenses and commitments, the financial scenario of your family and what not. While there are many factors that come into play before you decide to own a home, there’s one question that keeps haunting you. Whether the time is right for you to buy a home or not? There’s no definitive answer to this, but here are a few points that indicate it’s the right time for you to plan the housewarming ceremony soon.

A stable job:
Paying EMIs is the primary concern for anyone. So, it’s very important that you have a stable job. If not, don’t think of taking the risk. A stable job means the EMIs are going on time, and more importantly, it assures you complete peace of mind. What’s the point of living in our own new home and having to worry about how to pay your bills? If you have a stable job, go for it!

Some savings:
The logic behind down payment is the more you pay, the less the EMIs. Think of a home only if you have a fairly decent amount as down payment. A minimum 20% of the value of the home, we would say. If you’ve saved enough then you’re heading in the right direction.

Growing kids:
Education, and the expenses that come with it, are not an easy challenge. Having said that, if you keep thinking along these lines, you’ll never be able to own a home. The point is, if you don’t invest now considering the education expenses or other commitments, it’s just going to get difficult later because the commitments will only get bigger.

Disposable income:
Whether you’re in a business or doing a corporate job, it’s essential you have some income that you can consider disposable. Having expenses that are exactly as much as you earn can lead to a difficult situation, considering life is unpredictable.

Age factor:
If you’re in your twenties then you can wait for a few more years. If you are in your forties, then you may be a little late. And if you’re in your thirties, there’s no better time to invest. Consider your commitment as a 20-year commitment and then do the math. You’ll find your current age and situation perfect to invest.

We hope the above points will help you own a home soon. Whether it is a flat, a duplex home or a residential apartment in Bangalore, if you believe the time is right and things are in your favour, go for it.

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