Clothing, food, boards are the primary human needs that must be met. But the board, different from clothing and food. Board is a difficult requirement to fulfill.
Besides not easy to find the right dwelling for us, the price of occupancy becomes increasingly expensive, especially every year the price always increases. So, it is advisable to buy a house as early as possible. To be able to fulfill it, we must do a really mature financial planning so that the desire to buy a home can be achieved in certain targets.
The more so if the earned monthly income is not large, the expenditure share that you do should be really taken care of. There are 2 things you should look like preparing for a down payment and monthly payments. To buy a home, at least you have to provide a DP of 10 to 20 percent.
For monthly repayments, depending on the tenure you take. Keep the payments you take not more than 30% of your earnings. Here’s the planning you should do before making sure of buying a home.
Why is only 40% used for savings on deposits? Why should the installment be only 30% salary? This figure is actually not absolute, but this is a standard calculation used by many financial planners. Presentation of expenses 50% for living expenses, 10% for protection, 30% for credit and 10% for investment. This lifestyle includes daily needs ranging from eating to hangouts.
Financial planning assumptions
To take mortgage repayments, installments should not be more than 30% of your monthly income. In addition it is suggested you find a house that has a price is not too expensive, with a repayment period of 15 or 20 years. After choosing a home and paying a deposit, you just have to wait for the bank approval process for the credit agreement.