Been waiting to buy your dream home? Do so, without EMI!

Gulshan Kumar

Have you ever imagined yourself living in your dream home? Well, many people wish to fulfil their dreams of living in a home of their own. Home loans are one way of fulfilling your dreams by availing the EMI facility, but it comes with their own set of disadvantages. Sometimes the best way out is to think outside of the box. What if I tell you that it is possible to live in your dream home without making any EMI payments. How? Well, here are some tips that will help you achieve your goal of buying a home without EMI.


The first step is to start saving early. Before choosing the house you would like to buy, you must start thinking about your savings plan. If possible, try to invest in tax-saving schemes which will reduce your taxable income. This way, the money that reaches your pocket will be more than usual, and it can be invested in your dream home.


The next step is to set a budget. Try to draw up the blueprints of your dream home, and then try to see whether you can afford such a house or not. Next, draw up all your assets and liabilities. This will help you make a call on whether or not your dream can be realized. Finally, try to set aside some money every month so that your dream home becomes a reality in the future.


Start a Systematic Investment Plan (SIP) to invest early to have a corpus that can be invested in your dream home. It is one of the easiest ways to start investing for your future and one of the most convenient options available today. Apart from SIPs, you can also try investing in mutual funds through ELSS (Equity Linked Saving Schemes), which will increase your tax savings and help you accumulate more money for your dream home.


The next thing that you should keep in mind is to take affordability into account when choosing your location. The location you decide to live in must have good infrastructure, hospitals, schools, etc. In addition, it should be well-connected by public transport. This way, you will not have to spend a bomb on your traveling facility.


Once you have selected the location, try to find good resale value in your desired area. The resale value of your house will determine how soon you can sell it if you start facing some financial issues. Once you have found a house with a good resale value, try to buy it from the owner at a lower price. This way, even if you face any crisis financially, you would be able to sell it without much loss.


If possible, try to review your monthly expenditures. Are there any expenses which you can cut down? Are there some unnecessary purchases that can be avoided? Try to cut corners wherever you feel like you are spending too much. This way, your savings will increase, and this amount can be invested in your dream home.


A diverse mix of investments is the key to financial stability. Spread your risk by investing in different assets. This way, when one sector fails, the other sector will compensate for it, and you can be financially stable irrespective of market conditions. In addition, different types of assets will help you to build a large corpus. However, please do not put all your eggs in a single basket as it can lead to a disaster.


It is imperative to procure adequate insurance coverage. Many types of policies can be purchased, but it is important to choose them judiciously. If a mishap occurs, it will cause a massive setback in your finances, and you may not be able to afford a new home.


Some banks offer rent-to-own plans, which you can avail of in the case of major purchases. For example, it will allow you to buy a house without actually paying an EMI. Instead, the bank gives you time to pay for your house in installments, and when the installment plan is complete, you are the owner of your home.

So, these are some ways that one can follow to buy a house without making any EMI payments. The key is cohesive planning and determination to achieve your goal. Always look out for options that allow you to buy homes without EMI. This way, you can concentrate on your other goals and make some more money for yourself. Then, once you have enough money, you can buy your dream home without having to worry about paying an EMI.