Home Buying: What is the ideal age to buy your own house in India?

financialexpress.com:

Buying a house is a significant milestone in one’s life. The decision to buy a house is influenced by various factors, including cultural expectations, financial readiness, and personal circumstances. Earlier people used to buy their dream homes in India in their late 40s or 50s. However, with the evolving economic landscape, urbanisation, and changing lifestyle, the age at which people choose to buy their homes is shifting.

A steady and reliable income is crucial for securing a home loan and managing the associated costs of homeownership. Many people achieve this stability now in their late 20s or early 30s. Let’s understand what is the right age at which you should be buying a house!

A down payment is an initial, upfront payment made when purchasing a home, typically constituting 20% of the property’s purchase price. This amount reduces the loan amount needed, lowering monthly mortgage payments and overall interest costs.

Saving for a substantial down payment can take time, but it provides several benefits, including better loan terms, lower interest rates, and reduced lender risk. Prospective homebuyers should prioritise saving for a down payment to improve their financial stability and purchasing power in the housing market. Accumulating sufficient savings for a down payment (typically 20% of the property’s value) can take several years. This often pushes the age of buying a home into the early to mid-30s.

Also Read: Joint Home Loan: Key things to keep in mind before taking a joint loan

Settling into a stable career path provides the financial security and predictability needed to commit to a long-term investment like a house. For many, this happens in their 30s as they establish themselves professionally.

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