suggestions on saving for house

Discussion in 'Money Matters' started by arunima22, Oct 7, 2015.

  1. arunima22

    arunima22 Bronze IL'ite

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    Hello everyone

    Looking out for some nice suggestions on saving out bfore planning to buy a house ..

    we are a family of 3 (kid 22 months) ... Only hubby is working ... we have car loan to pay ... we dont spend much on movies dinners and shopping (as we dont prefer them with kid) .... we have a constant RD running every year ...we are planning to buy a house in a one yr span and want to save some amt till then ...

    TIA
     
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  2. sonal1611

    sonal1611 Gold IL'ite

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    have monthly budget .. see where u can save.. there r many posts on IL for Saving money ..
    regarding investment , FD and RD rates are on lowest side.. try to invest in Good Compnany FDs ..
     
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  3. centsibleindian

    centsibleindian Silver IL'ite

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    Arunima,

    Decide where you want to buy the house. Find out how much it costs for the houses for your requirements. Decide when you want to buy the house. Divide the total cost by the number of month in between and that's how much you need to save.

    I believe you're talking about the down payment, right?

    For example, if you have to put 20 lacs down payment and you want to buy a house in a year.

    = 20,00,000/12 = 1.6 lacs per month.

    This is if you don't have any money in your savings. If you have some savings, then this 1.6 lacs will go down.

    Good luck! Let me know if you have any more questions.
     
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  4. hino

    hino Silver IL'ite

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    Usually, banks fund 70-75% funding on the guidance value of the home. So, you need to have 25-30% liquid cash if you are planning to buy house. It doesn't mean, if you dont have liquid cash, you cant buy. Its good to have instead of struggle later.
    If you have time, try to arrange cash for the same. For higher loan eligibility, you need to close your car loan.

    Savings : Spend less on unnecessary things. Credit card is the main culprit to buy unnecessary things.

    Good luck for your new house
     
  5. arunima22

    arunima22 Bronze IL'ite

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    Thanks everyone... Couldnt reply for so long.. We r trying hard on saving money

    Yes budgeting helped a bit ... Thank you sonal1611

    We r also working on closing car loan... Thanks for the suggestion hino

    Centsibleindian... Such a detailed explanation thank u so much.. Will bother u again if i have queries

    As we r planning for house we r playing safe... All the money saved is going to fd for short period.. This is locking our money... Hope to getready for down payment by the end of year .. Fingers crossed
     
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