We often wait for a perfect time and situation to buy or invest in something that is of significance to us. Careful planning is a must but sometimes, we wait for far too long for that right moment and in the process miss the opportunity. Buying or investing in a home for yourself demands diligent and careful planning too, in terms of your current and expected future financial situation, your existing obligations, your eligibility, your existing monthly rental etc.
For an individual, a home loan in most cases becomes a must for such in investment. Thankfully, home loan institutions now fund a higher percentage of a home loan cost than what they use to 5 or 10 years ago. With high disposable income and a much better employment scenario in our country, home buyers are now able to invest in their dream home at a much younger age. Funding norms are now in the range of 80-90% of house value & this has shrunk the time that an individual takes to amass an amount to buy a home which brings us to our first advice we have for home loan buyers.
Must Read: How to Reduce Your Home Loan Interest Burden (4 Simple Tips)
You Don’t Need to Amass a Huge Wealth to Buy a House:
If you are saving to buy a house, have you considered one basic flaw in your reasoning? By the time you actually buy the house, real estate prices will have increased in two years, so waiting does not serve much purpose. Besides the lending institutions now funding up to 90%* of home cost, so prudent to take advantage and buy now.
Buy your Dream Home When you are Young:
While your disposable income may be lower, but the sooner you invest in your own home, the faster your are able to repay. The realization that you have your own home and you have repaid a part of it in your early years allows you to invest in a whole lot of other opportunities. Besides if you wait longer, your priorities change and accommodating a house purchase becomes slightly more difficult. Also, at a younger age you get the option to choose a larger tenure which reduces the per month EMI burden. You may calculate the difference in EMI for various tenures using the Home loan EMI calculator
Buy a House Suited to your Budget:
Go one step at a time. Work on your dream house in a series of step if budget is a problem. The house that you love can be out of your budget. It is better to settle for an affordable first home if you do not have the resources currently to buy that dream house you yearn for. A few years down the line, you can buy a bigger property as your eligibility increases. Use a house loan eligibility calculator to find out how much loan you can get to buy the house.
Must Read: What is Down Payment for a Home Loan?
Invest in Under-Construction Homes:
Many housing finance companies are amenable to providing home loans for approved under-construction properties. Generally under construction properties come at a lower cost and such properties also give you time to arrange your finances since you have to intermittently pay in parts as each successive slab is raised.
FAQs
How do I know the good time to buy a house?
The right time is when your finances are stable, EMIs are manageable, and you find a property that fits your needs. With home loan at PNB Housing offering up to 90%* funding, you don’t need to wait too long if you are financially ready.
*T&C Apply
Is there a best time to purchase a home based on age or income?
There is no fixed age to buy a home. The right time is when your income is steady and you can comfortably manage EMIs. Younger buyers often benefit from longer loan tenures and early wealth creation, while older buyers can leverage their stable income for quicker repayment. PNB Housing further supports this flexibility by offering housing loans with tenures of up to 30 years, available till the age of 70, ensuring that customers across different life stages can plan homeownership with confidence.
Are under-construction properties a good option for first-time buyers?
Yes, under-construction properties can be a good option for first-time buyers as they are often more affordable, come with flexible payment plans, and may offer modern amenities. It’s important to choose a reputable developer, ensure all approvals are in place, and confirm clear delivery timelines to safeguard your investment
How can I determine my home loan eligibility before buying?
Before deciding to buy a home, the first step is to check your loan eligibility. Review your income stability, credit score, and existing financial obligations to understand how much you can comfortably borrow. PNB Housing provides easy-to-use eligibility and EMI calculators that help you estimate your borrowing capacity in advance, ensuring you choose a property and loan amount that fit your finances.
Should I wait to save a huge down payment before buying a home?
You don’t need to wait to save a huge down payment before buying a home. PNB Housing finances up to 80–90% of the property cost, so if your finances are stable and EMIs are manageable, you can move forward with your purchase without delay.
