Buying your very own home is not an impossible feat. Here are a few ways to ensure this dream home of yours is well within your reach.

Step 1: Make a physical list of priorities

Start by making a realistic and a prioritized list of things that are important to you. When you start house hunting, strive to get at least the top 3 things on that list in one place. This is to ensure that you choose a place that fits your needs and don’t end up settling for one that doesn’t.

Are you most concerned about the location? Square footage? The view? The neighborhood? You may have to let go of one thing to get another, but it’s easier to be more focused when you know what’s non-negotiable. Also, distinguish between your preferences and your needs on that list.

For example, you may have loved the tall ceilings at your last house, but do you really need them in your new home? This process will help you switch your expectations and focus on the things that really matter the most, like a safe and open play area for your children.

Step 2: Think ahead

For how long do you plan on staying in this house? If you are single or newly married, you might end up opting for a smaller space for the time being and plan on moving to a larger home to keep up with your changing needs.

However, if you are planning on expanding your family or working from home soon, make sure you factor in the space you’ll need for that accordingly. In other words, don’t give in to something that has features you know will only work for a year if you plan on spending a decade there.

Of course, life is unpredictable and you can’t plan for everything, but consider the things you know for sure or at least the things that will probably change in your near future.

Step 3: Stick to your budget

The ideal budget differs from person to person, which is why there’s no perfect number or answer to this. However, a realistic way to go about this is by keeping your EMI amounts to about 25% of your total monthly income. For those who plan on living in a metro where the housing prices are at an all-time high, you might have to stretch beyond this number.

Make sure that the property that you have looked for fits your budget. Ensure that you do not land up in a situation wherein your EMI amount exceeds your monthly budget. To do so, use the Home Loan EMI calculator on the Sammaan Capital app or web page and work backwards from there.

Step 4: Choose the home loan that fits your needs

It’s advisable to consider a home loan that comes with one of the lowest interest rates in the market, like the one that IBHFL offers starting at just 8.50%.

Other than affordable rates, IBHFL’s quick, documentation-free, and easy process is also incomparable to most others.

Step 5: Have an ‘almost’ fool-proof repayment strategy planned

Once you acquire a Home Loan, finances will obviously become tighter than ever. Every single expense must be documented and planned, allowing very little scope for wavering towards a splurge. One must also set aside a certain percentage of their income for financial emergencies.