What is the Right age to buy a Home?

Thanks to the developments in the Indian Economy and improvement in the earnings and savings of the individuals with which there is a considerable increase in the sales related to the real estate industry. The people want to own their own property with the intention to live a rent-free life. To buy a home the ideal age might be from 27-35, as per the customer’s experience and stability in their respective professional life, they have not only the ability to pay the regular EMI’s but also to save enough money that is required to pay a minimum of 30-40 percent for the down payment.

Availability of options

Undoubtedly, there are plethora of options available for the individual whether to go for affordable or for a luxury house and again it all depends on the income and other factors related to the individual. Furthermore, the element of tax benefit that home loan brings also contributed much to the growth of the real estate industry in India.

The Younger Generation of India are more focused

The Young age generation of India who wants to own home are not only the people who make good money from their respective career but it is the right decision making and the right guidance that was provided to them are some of the factors  to own the property at a younger age. There was a tremendous increase in the number of banks who offer loans based on the salaries of the individuals. Unlike one or two decades back,  the previous generation were  not sure in regard to their investments  in the properties like the present generation where they  are well informed about the properties.

The traits of the individuals who want to own the Home at early age.

•         Saving with the intention to buy a home
•         Well research and good financial planning
•         Have emergency fund with a backup of paying three to six months EMI.
•         Have very little other debts.
•         Have a good and healthy credit score.

As there are many good insurance policies that are available to cover the medical emergency and other aspects that drive youngsters to opt for  a home loan. People have recognized when compared to investment  in gold or in equity, the  real estate is  a very excellent option. Naturally real estate has proved from time to time empirically that it is the best thing to invest in for both short term and long term benefits.