If you are first time home buyer, then you should check run by the government schemes those who have not their own house. Government help peoples not to repay the grant. This is completely varying from loan as it doesn’t earn interest. Home for the first time the schemes buyer is awarded on some pre decided criteria like their monthly income, their financial need. There are some slabs designed according to annual income of people by the government. According to that slab one can get the benefit and also can apply for loan with large tenure which makes easy to repay. Subsidy is also availed on home loans in which process government return some of the percentage of principal amount which helps people to repay their loan. The main objective to introduce subsidy is to boost benefit for the society. There are some conditions to leverage of this scheme for My Money House:
- The one who is applying for this benefit must be the citizen of country. It means he have to show his citizenship documents before the government to leverage.
- Another condition is that the buyers should not have their own house before
- The property what he is buying must be occupied by himself and they live there.
Prepare yourself for repayment by calculating EMI
When you are going to commit any financial statements, you should consider your important current living cost, like travelling, fond of eating outside, your fashion expenses, expenses on entertainment, mostly nights out etc. Because these are some considerations which you never stop them completely, but financial commitment is very big commitment which you can’t ignore that’s why bank has to make sure before paying that you are able to pay off the loan or not. First calculate your monthly expenses and then decide about loan and EMI when you are borrowing money for new home.