Buying a home is usually the biggest financial decision of our lives which requires a lot of planning and research, due diligence, and a highly focussed approach. A wrong decision while buying a home can cause financial distress, but in the current situation, it could have devastating financial implications. However, it’s also a fact the realty market has witnessed attractive price corrections amid record-low home loan interest rates. Here are a few important things you should keep in mind before taking the plunge.
Stable source of income
It’s important to have stable and adequate income while you plan to buy a home. Many who are servicing home loans are struggling to pay their EMIs after losing their jobs or experiencing pay-cuts because of the Covid-19 crisis. And while the moratoriums have given them temporary relief, their overall loan burden or repayment tenure is likely to have increased. If you plan to buy a home now, you must make sure that you will have sufficient funds to repay your loan dues in full on time. The best way is