How to save for down payment?

On 26th April 2022 by Admin,

Buying a home is one of the most important financial decisions which requires a lot of homework. Before signing on the dotted lines, you have to check your credit score, if you opt for a home loan. Then, consider additional charges such as GST, stamp duty, brokerage, brokerage, furnishing, and more. Finally, if you plan to buy a home, you have to put forth some amount for a down payment. Here are three ways you can save money for the down payment.

Lifestyle changes that will save you money –

If you are looking for ways to save money for the down payment, consider downsizing the money spent on rent. In addition, you can take up some part-time jobs other than your regular job. Finally, cut down on significant expenses like vacations, holidays, memberships to clubs, and subscriptions.

50–30-20 worth following rule –

Keep aside 50 % of your salary for fixed expenses, 30 % for discretionary expenses, and set aside 20 % for saving. Save 20 % at the beginning of the month and assume that this amount does not exist. Save on your energy bills and use paper money instead of plastic money. Cutting down on expenses is definitely not an easy task, but it’s worth following the rules when it comes to buying a dream home.

Monetize your other investments –

If you haven’t saved enough for the down payment, liquidate the fixed deposit. You can borrow money against life insurance. The amount you borrow from the insurance company may vary from 85-to 90%. The interest amount on this loan can be paid at maturity or half-yearly. Avoid personal loans or credit cards as they charge huge interest against loans.

Buying a new home for your loved ones seems challenging, and cutting down on luxuries sounds daunting, but when done every week and multiplied by four, you may not feel the difference. 

Wondering where to put hard-earned money for booking a dream home?

Tulip Group launched Infinity World near Ravet hanging bridge Punawale. The project is under construction; flats available here are 2, 3, and 4 BHK configurations. Loaded with thoughtful amenities and conveniences, Infinity World promises infinite luxuries at an affordable range. If you are searching for flats near Punawale, check out  Infinity World. Explore the project, which offers amazingly spacious homes at a prominent location in the city.

Infinity World is well-connected to the civic amenities as well. Aditya Birla hospital is 5 minutes away from the project, whereas the nearest railway station Akurdi is 10 minutes away from the property. Hinjewadi IT park and reputed schools like Dnyanprabodhini School and St. Ursula High School is a few minutes’ drive away from the property. Explore this thoughtfully designed property that translates a house into a home.

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