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Ways to Finance for your New Home

The most important aspect about buying a home is probably getting your finances in order. Home finance planning requires a carefully contemplated plan of action created well before you finalize on your property.

So you need to make the big down payment first, so how do you get about it?

There are a few handy tips by which you can arrange that big lump-sum of money.

Dissolve assets

Consider selling some of your assets like an old property, jewellery, vehicle or land to generate the amount. Sometimes the amount you will get from selling of an existing property or land will be enough for you to buy your new home.

Get a loan

This is the most common option that people resort to when they think about home financing. Visit different banks offering home loans and ask them about their loan policies.

Mutual funds

Investing in mutual funds is common for any investor. Consider surrendering them for some financial breakthrough.

Start saving today. If you have not paid heed to what your elders have always been advising you, start listening to them today. Saving money and cutting costs will go a long way in helping you get the finances in place.

Mortgage assets

If you have some jewellery or old property that you want to use to get finances but are not willing to part with it, then give mortgaging the assets a serious thought. You can always claim the assets once you can pay back.

Getting the finances to buy your property using any of these methods may be easy, but the most important thing is to get your credit record straight. It will make it easier for you to avail a loan and will help you keep your financial position in perspective so that you do not spend more than you can afford.

 

Lakshminarayan is a property advisor with over 23 years of experience in providing dedicated personalised services to over 30000 Bangaloreans. He has worked with a diverse clientele and applied his strong micro market knowledge towards executing many property deals.

Lakshminarayan currently serves as the Manager of Sales at Vakil Housing.

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