Ways to Plan your Finances in 2018

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WAYS TO PLAN YOUR FINANCES IN 2018
Ways to Plan your Finances in 2018 January 19,
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Srishti Chandola
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Buying a house looks like a significant goal, not
just for newly-married people but also for the
people those are single, earning and planning to
marry, unlike the previous generations who would
construct or buy the homes with the retirement
funds. There might be many of you, those are
planning to buy the house in 2018 with the home
loans. Let's understand how loan eligibility
amount is actually determined, how much money
needs to contribute as one's own share (margin
money) when the availing of the home loan and how
to raise the margin money if it isn't available
already. Financial planning for buying the house
in 2018 with margin money available The house
type that can buy will certainly depend on 2
factors- the down payment or the margin money can
make as well as the income level. According to
the Reserve Bank of India and the National
Residential Bank's directions, housing finances
banks and companies are not allowed to give
beyond a certain percentage of the fair value of
property market. The percentage is called loan to
value ratio as well as depends on the amount of
loan being applied to the borrower. For the
amount of loan of up to Rs 30 lakhs, one can get
a loan of up to 90 of property value. The loan
to value ratio between Rs 30 and Rs 70 lakhs is
80 and beyond Rs, 75 lakhs, restricted to
75. While granting the home loans, the lenders
don't finance the registration charges and stamp
duty. This has to actually be financed by the
home buyer as well as usually around 5 of one's
income, being available for servicing the home
loan. Also, the lenders don't extend the tenure
of the home loan beyond the age of 60 years for
the salaried people. In case of the
professionals, the tenure can extend up to 65
years of age. If you have already accumulated the
required margin money, let's look at instances,
to understand the house value that will be able
to buy, the amount of the home loan that will
require availing of and the needed annual income
to avail of the home loan. The house value in the
following instances doesn't include the cost of
house furnishing.
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Scenario 1- borrower aged 35 years and has
resources of Rs 12.5 lakhs
One should opt for tenure for house loan of 20
years as the age at the time of payment of the
last installment would be 55 years which is below
60 years up to which the tenure of home loan can
be extended. Scenario 2- borrowed aged 45 years
and has resources of Rs 20 lakhs Since one has
already completed 45 years of age and presuming
the retirement at 60 years, one will get the home
loan for the tenure of 15 years only. Financial
planning accumulating margin money for house
buying Those who are contemplating the house
buying in near future certainly need to plan for
accumulating the money margin. During this time
period, one has to accumulate the required 20 of
house cost. Since the available time period for
between 3-5 years, it is not advisable to take
risk of investing in equity for the goal. In such
situation, one can begin investing in the debt
schemes through the monthly SIP. Instead, one can
begin investing in the debt oriented monthly
schemes of the mutual funds where over 10-15 of
corpus in the invested equity as to provide the
scheme a chance to perform better in the case the
equity performs better during the period. In case
the time horizon is more than 5 years, one can
begin investing through the balanced funds of the
good fund house. The balanced funds are actually
equity oriented funds where the minimum of 65 is
invested in the equity shares and balance can
actually be invested in the debt funds. The
flexibility of the shift up to 35 of debt
portion will help to reduce volatility associated
with the equity investments. This is making sure
that one accumulates to desired funds in the
targeted period. While planning to increase the
margin money required buying a house in the
future, one needs to consider the expected
increase in rates of property at least equal to
the average rate of inflation. Unless one factor
in this rate escalation in the property may find
that margin money accumulated is not enough for
down payment of property.
Planning to Buy a House this Year? Here are
some Easy Steps
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