buy a new home - artech realtors

The new generation is more aware about investments and doesn’t believe in waiting for buying a home. With the prevailing ideal market situation and ease of getting home loans, countless youngsters are ready to buy new homes. However, a good amount of research and planning is required and here are some things you need to be aware of first:


Track how you spend your income and create a budget to cut out on frivolous expenses. You could cut down on the number of days you dine out or buy cheaper generic brands of groceries or even skip out on that expensive gym subscription and exercise at home instead. Change your lifestyle just enough to enable saving for your down-payment.


In accordance with RBI guidelines, you need to pay at least 20% of your home’s total cost and the remaining can be from a home loan. The larger the down-payment made, the smaller your monthly EMIs. Financial discipline is required to save on this substantial amount.

Credit Score

You will need to improve your credit (CIBIL) score (above 700) to become eligible for good home loans at lower interest rates. Close any other ongoing loans or credit card debts you may have taken before applying for a large home loan.

Invest Your Savings

Consider investing your savings into mutual funds as they will earn substantially higher returns when compared to FDs. This way you can multiply your savings further for that down-payment.

EMI and Other Expenses

Your monthly home loan EMIs are likely to be more than your rent. To ensure that you always have enough to pay the difference, start putting aside that extra amount even before it’s time to repay EMIs! Aside from this, be prepared to pay additional expenses such as stamp duty, registration fee, title deed change charges, interior décor, moving expenses, etc.

Tax Benefits

You get to enjoy tax deductions of up to 2 lakhs on interest paid on your home loan EMIs under Section 24 and up to 1.5 lakh on the principal repaid under Section 80 per financial year.

By staying informed and managing your money judiciously, you too can start planning on buying your own home now.