Those who started planning early can slowly save and invest in good investment schemes. But you need to make sure that your savings are working for you. Look forward for a high-yield savings or low risk investment in debt funds.
Those who save late also have many options such as gathering additional sources like tax refunds, bonuses and dividends. Immediate money requirements can be arranged from sources such as gold loan, personal loan and collateral security.
If you are selling your current home for a new one, do it right when the real estate market is up. Or if you have already done it, invest the money in low risk investments that have a flexible liquidity option.
If you are servicing multiple loans, if possible clear the costlier loans or try to pay off most of them. Personal loans, credit card debts and business loans are costlier, while home loan is the cheapest among them.
To bridge the immediate finance requirements, instead of personal loans, you should go for other loans with lower interest such as loans against property, collateral security loans, top up loans, loans against fixed deposits or gold loan. An early start in saving for your home loan down payment is the best option. No matter how a home buyer accumulates funds to purchase a home, careful planning will always make the road to home ownership smooth. Here are a few saving tips: Always say a strong `NO' to borrowing on credit cards. Always pay off all your credit card dues on or before the due dates, as it is the most difficult one to break off if debts mount. While planning your investment in housing, consider not only your current position but also the future changes that could impact your situation like changes to your income and expected costs.
Happy Investing!!
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