Buying your own home is a huge milestone in your personal life. Not only will it free you from having to pay rent, it will also provide you with a valuable asset you can sell on demand and make money from. Still, such decisions are not to be rushed by any means; after all, you’re making a substantial financial investment here. To ensure that everything runs smoothly, please make the following considerations before attempting to climb the property ladder:

1.Borrowing money from your parents
The fact of the matter is that you’re going to need a significant amount of money to cover the investment. If taking out a Home Loan straight off the bat isn’t quite to your liking, there’s an alternative – borrowing money from your parents. Without a shred of doubt, your parents will give you better terms than any commercial lender, including very low interest rates. More often than not, they will be rather lenient on you in case you have trouble paying it back during certain months.

2.Calculating your costs
Online calculators are a great way to figure out your monthly and overall costs. By using a Home Loan Emi Calculator, you will know exactly where you stand in terms of paying it back, allowing you to plan your personal finances in advance. In other words, these calculators will let you figure out whether you can afford taking out a loan in the first place.

3.Checking out various regions
As a general rule of thumb, the central city regions are the most expensive ones, while the countryside is much more affordable. As a trade-off, by choosing to live the country life, you’ll be much farther away from important city buildings, which means it’s going to take more time to get things done. But if you’re willing to live with that, checking out the countryside and other regions in your country is a good way to save a great deal of money on your investment.

Getting your spending habits under control
If you’ve been recklessly spending throughout your entire life, now is the time to rethink yours pending habits. If you’re constantly finding yourself making purchases on impulse or engage in a shopping spree over the course of a weekend, just think about how much money you’d save that could be better spent on other things. It could very well make the difference between being able to afford a new home or not.

Taking shortcuts may not be the answer
Understandably, you’re looking for ways to get onto the property ladder as soon as possible. To that end, you’re likely to take some shortcuts in order to reach that goal. But just think about it… is buying a tiny one-bed apartment truly a worthwhile investment, given that you may start a family soon and outgrow it before you know it?

Being prepared for scrutiny
Lenders typically look for indicators why someone may or may not be a suitable candidate for a loan. Therefore, it’s crucial that you portray yourself as someone who’s financially stable. If you have something suspicious on your financial records or transactions, try to come up with a reasonable and believable way to explain it.


These are the bare essentials to consider when taking your first step onto the property ladder. While there are others, they’re well beyond the scope of this article. Equipped with the knowledge you need to make a rational buying decision, are you ready to become a homeowner?