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The planner takes into account all of your Buying Home and investment needs and plots them as milestones on your life line. How much should you invest Yearly or Monthly to Make Money? Calculate the Investment Amount using our Goal Planning Calculator.
Goal planning refers to setting financial goals and making plans to achieve them. Your financial goals can be short-term goals, medium-term goals, or long-term goals. If you want to achieve your goals. You need to understand your current financial status, and accordingly plan for your future goals. Goal planning helps you become financially secure and channelize your current financial investments in such a way that it generates returns over a time period which fulfills your goals.
Goals are the priorities and targets you set for how you want to save money for the future. The goal planning calculator shows you the value of a future financial goal. It works on the future value concept. The calculator uses a formula, where you enter the current value of the goal, and when you require the amount and also considers the expected rate of inflation. Based on these parameters the financial goal calculator displays the future value of your goal.
Typically, you should aim to save at least 20% of the home's purchase price for a down payment. A higher down payment reduces your loan burden and can result in better loan terms and lower interest rates.
You can save for a home through systematic investments in mutual funds, recurring deposits, or a dedicated home savings plan. Equity mutual funds are suitable for longer-term goals, while safer options like fixed deposits are better for short-term goals.
Assess your financial situation by considering your income, monthly expenses, existing debts, and savings. It's recommended to spend no more than 30-35% of your monthly income on housing expenses, including EMIs.
It depends on your personal priorities and financial situation. While buying a home is a significant milestone, it's important not to neglect other long-term goals like retirement or child education. A balanced approach is key.
The decision to buy or rent depends on your financial situation, long-term plans, and market conditions. If you plan to stay in one place for a long time and have the financial stability to afford a home, buying may be a better option. Renting offers flexibility and lower upfront costs.