Buying a home is a major aspiration for many people and represents the culmination of hard work and the achievement of having a place to call home. Men and women share this dream, with women increasingly striving for financial independence. Here’s expert advice tailored for women aiming to realize their home ownership dreams.

Considering the size of the financial commitment involved, it’s natural to feel nervous or stressed when deciding to buy a home. Experts recommend preparing for the job several years in advance to thoroughly explore available options and make an informed decision. This is especially important for those considering buying a property in the National Capital Region of Delhi, where 5 to 7 years of planning is recommended.

Financial expert Balwant Jain offers insights on the matter. Typically, individuals choose a home loan to finance their home purchase, which covers approximately 80% of the cost of the property, with the remaining 20% ​​financed by the buyer. Before approving a loan, banks will assess the buyer’s income to determine the loan amount and monthly installments (EMI) to ensure affordability, with EMI capped at 40% of income.

In addition to the loan, the buyer is responsible for making a down payment, completing property registration and paying ancillary costs from their own funds. Therefore, it is crucial to start saving as early as possible. Jain recommends using equity funds as a means of building savings quickly.

For married people, applying for a home loan jointly can be an advantageous option. In this case, the bank will consider the combined income of both spouses, potentially qualifying them for a higher loan amount. This allows for the purchase of a more desirable and spacious property.

Expert guidance for women keen to buy their own home highlights the importance of careful planning, diligent saving and smart decision-making. By preparing ahead of time, leveraging the right financial tools, and considering options like joint loans, women can confidently begin their journey to homeownership and financial security.