RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Here Is How You Can Plan For Your Dream Home Before Turning 35

down-arrow
August 10, 2023

Owning a home is a significant component of creating wealth. When you achieve one of the most important milestones in your life by purchasing a home, you feel a sense of accomplishment. Planning for your ideal house is an exciting endeavour, and getting started early can put you on track to making that dream a reality by the age of 35. This article will go over practical methods and considerations to help you plan for your ideal home and make it a reality within this timeline. Let's dive into the important parts of planning for your dream home before the age of 35.

Creating a Budgeting Strategy

As we grow in our careers, our salaries and expenses rise. As a result, before making a budget, it is critical to study and evaluate expenses. Identify areas where you can cut back on spending and follow a savings strategy to save for your dream home. There are numerous apps available to assist you in creating a budget. You can track your spending by comparing your income to the expenses you incur.

Buying Insurance for Protection

It is critical to safeguard your dream house and your family's financial security. Consider investing in insurance products such as the HDFC Life Sanchay Fixed Maturity Plan. This plan combines guaranteed maturity benefit with life insurance coverage. It provides financial protection against unforeseen catastrophes and ensures that your loved ones are taken care of. You can have peace of mind knowing that your dream house is covered if you include an insurance plan in your financial strategy.

Building a Strong Credit History

When applying for a mortgage, a strong credit score is essential. Learn how to create and maintain a good credit history by making payments on time, keeping credit card balances low, and staying out of debt. An excellent credit score (over 750) not only qualifies you for a house loan, but it also gives you more negotiation leverage for cheaper interest rates. Monitor your credit report on a regular basis and resolve any inaccuracies or anomalies as soon as possible.

Opting for Home Loans

There are numerous home loans available in the market. It is always better to compare options and choose the one that suits you the most. Charges vary at every bank, but you should carefully analyse the costs incurred: borrowing fees, service fees, and break-down fees. When determining your spending, keep your budget and profits in mind. Consider additional fees such as processing fees, pre-closure charges, and late payment penalties. When you compare all components of a home loan package, you will gain insight into the true cost of borrowing.

Save, And Invest Your Money

After you've created a budget and figured areas where you can cut costs, start saving for an emergency fund that covers at least three to six months of living expenses. This fund serves as a safety net in the event of an unexpected occurrence, such as a job loss or a medical emergency, and keeps you from depleting your resources for your dream home. Furthermore, it is critical to set aside a percentage of your savings for investments. Investigate several investing options, such as mutual funds, equities, or real estate investment trusts (REITs), that correspond to your risk tolerance and financial objectives.

Conclusion

Remember, that dream home planning is a process that involves attention, discipline, and careful evaluation. Yes, your income will rise in the future, but so will your expenses as you take on more financial responsibilities. So, educate yourself and learn how to manage your money effectively. You may have to make some sacrifices as well, but it will all be worth it when this dream becomes a reality.

Related Articles:

ARN: ED/07/23/3393

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

How Rising Interest Rates Impact Your Investments—and What You Should Do About It

How Rising Interest Rates Impact Your Investments—and What You Should Do About It

How rising interest rates impact your investments and ways to adapt. Stay informed to make smarter financial decisions and protect your financial future.

Preserving Your Investment: How New Tax Rules Affect Real Estate Sales Before 2024

Financial Freedom for Women Entrepreneurs: Unlocking Success with the 50-30-20 Strategy

Baby Steps to a Secure Future: Financial Planning and Wealth Management

Essential financial planning and wealth management strategies for families. Secure your future and confidently navigate parenthood with these key insights.

Baby Steps to a Secure Future: Financial Planning and Wealth Management
5 Go-to Ways of Portfolio Management in ULIPs Previous
Impulse Buying: How to Avoid Regrettable Financial Decisions in your 20s Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Disclaimer

HDFC Life Sanchay Fixed Maturity Plan (UIN:101N142V04) is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan. Life Insurance Coverage is available in this product.

Popular Search

Popular Searches