3 Sources That Can Fund Your Home Purchase
Anita Rajpal was only 26 when she booked a house in Noida. Property in that city was affordable, getting a home loan was easy, and she had enough funds to make the down payment. Later, she realised she might have made a hasty decision; the combined burden of EMIs (equated monthly instalments) as well the rent began to pinch her. The feeling of being under debt added to the stress.
If you were in Rajpal's place and if you still wanted to invest your savings in real estate without going to a bank to avail of a home loan, there are three ways can fund your home purchase.
The family bonds
It is the best option to ask your family member—your parents are your best bet --- to finance you when you are buying a property. You may return them the money at a later stage without having to pay any interest.
The family jewels
Many of us quite sentimental about the family jewels, and we would like to keep them in our closet forever. However, what is the use of this asset if it can't come handy in the times of need? Ask your spouse if she is willing to sell her jewellery for the time-being. The money you would save by not paying an interest on a home loan would be good enough to return her the favour, with a fair amount of interest.
The family share
You have a share in your in that large home where your brother now resides. However, you now live in another city and your chances of going back to the old house are nil. In fact, you would want to buy a house in the city, where you are working at present. Rather than applying for a home loan, sell your share of the ancestral property to your brother. This will end the question of you going to a bank to fund the transaction.