Best Ways to Plan for a Home Loan for A Chartered Accountant - Loan Trivia

Breaking

Full-Width Version (true/false)

Thursday 29 March 2018

Best Ways to Plan for a Home Loan for A Chartered Accountant

The first step to decide whether or not to invest in a residential property is working on a foolproof financial plan and not being driven by emotions.

For a Chartered Accountant looking for housing finance, there are banks and Non-Banking Financial Companies (NBFCs) that provide home loans for CA professionals, these loans have a high principal and can be availed on the fulfillment of certain eligibility criteria.

Listed below are a few tips for CAs looking for dedicated home loans to help them create the best financial plan:



Managing the Monthly Household Expenses

Investing in property is a major financial decision, following which, a large chunk of the monthly earnings will go towards servicing the home loan availed. This is when curbing extra expenses will help in managing the EMIs of the loan easier. Cutting off such expenses by around 25% to 40% is what people should aim for.

Clearing Existing Debts as much as Possible

Having multiple loans to service at a time can take a toll on the finances of a person. To top it all, availing a home loan when there are other loans to repay can be challenging. Hence, chartered accountants, who are looking for home loans should make it a point to clear off past debts (loans and credit card bills) as much as possible and make a larger down payment on the home loan.


Timing the Investment Right

For a CA, it is important that investment on a residential property is timed right so that the person can be financially stable before making the decision. Here, it needs to be ensured that irrespective of whether the individual is salaried or self-employed, he/she is capable of paying the EMIs every month, along with managing the other regular expenses.

A flexible lender that provides customized loan schemes with convenient repayment terms for eligible CAs should be chosen for financing the home purchase.

These are only a handful of ways to plan for a home loan for a CA- to know more about the other remaining ways, this reference should be of help:

All You Need To Know About CA Loans

No comments:

Post a Comment