Ace Realty

It won?t be wrong to say every person dreams of having their own home in life. However, some realise this dream early in their careers while others have to wait longer to make it come true. Home purchase is typically the biggest investment of our lifetime.  To achieve this superlative goal, one needs to have financial stability and an income pool big enough to accommodate this major expense. So, the question is, what is the best time to buy a house: early in our careers or later when our finances stabilise? Before we get to the answer to this, let?s discuss some of the common reasons why so many people want to buy a home early in their lives. Why do people think they should buy a home at an early age? Young people who have just started their career usually find it challenging to buy a home and thus stay in rented houses. But as their income grows, they feel they can save on the rent outgo and instead pay for their home loan EMIs.  Then there are some who bu...

Only a few people are eligible to become co-borrowers to a home loan and claim the tax benefits on such a loan, provided other conditions are also fulfilled With the prices of houses rising significantly faster than salaries, it has become increasingly difficult for individuals to buy a house on their own.  Consequently, most people now opt for home loans.  To enhance the loan eligibility, once can opt for a loan with the longest available tenure or, additionally, get someone to join you as a co-borrower. Persons who are generally accepted as co-borrowers When it comes to adding a co-borrower to a home loan, lenders give first preference to the borrower’s spouse.  It is presumed that the income of both individuals will be pooled for the purpose of household expenses, including for paying the home loan EMIs.  The second category includes sons, daughters and parents. This is also considered as a relatively strong relationship, from a financial point of...