In Brief

Saving is human nature. whether it's "saving money" or saving up for other things. saving money while buying homes is intelligent indeed, here are the top five ways to save money while buying a home in 2022.

1- Set Up Your Budget 

setting up your budget will help you achieve your saving money goal. build a chart for all your spending then check what are your main needs. while saving money only focus on your basic and urgent needs. Search for a place where your budget and necessity fit. stick to your budget you will find a home eventually. make sure that your spending goal can take care of before head. installment.

2- Search For Under-Construction Projects 

As compared to ready-to-move-in projects, under-construction is inexpensive. but be aware of scams or builders' gaslighting. buying homes under under-construction can be cheaper but you have to wait for it carefully check if your wait is worth it or not. some important things to search- track records, check builders' previous projects what time their previous projects took, check if that land has approvals similar to real estate regulatory authority, and environmental consent. check if the projects are rera registered.

Note - Sometimes you won't see what you will get so research properly before buying a home under construction. Under-Construction projects can save your money.

3- Try Finding A Bank With A Low-Interest Rate

We all know how uncomplicated it has become to buy a home with the help of a loan but finding a bank with low interest can be difficult it can be easy with little help from research and with help of the internet, almost everyone knows how to use the internet for the benefit this little research can surely help you save money while buying a home. many banks provide low costs to female borrowers. 

Here are some banks with their interest rates 

HDFC Bank with 10.5% p.a. - 21.00% p.a. 

Yes Bank with 10.99% p.a. onwards - 16.99% p.a.

Kotak Mahindra Bank with 10.25% and above 

4- You Can Negotiate Closing Costs

Since we are talking about saving money negotiate your closing costs by 

A) Asking for a discount 

B) Research and gain knowledge about what are sellers playing for 

C) Don't ignore lenders and their fees 

D) Consider grants 

E) Apply for a Federal Housing Administration loan 

F) Negotiate with the sellers 

origination fees can be negotiable but taxes cannot. 

some common costs- Land survey fees, Home appraisal fees, Credit check fees, Loan origination fees, Application fees and 

Home inspection fees. 

5- Examine Acceptability For PMAY(Pradhan Mantri Awas Yojana)-CLSS Scheme: 

So basically “PMAY” was launched on 25th June 2015 by the government of India. pmay provides loans for those who fit in their eligibility.

In one of PMAY's eligibility- LIG and EWS categories annual household incomes should be above ₹3 lakh but below ₹6 lakh. the highest grant of Rs. 2.3 lakh designated to only those whose household income is between Rs 12lakh and Rs 18 lakh.  in this categorization, the grant rate for the home loan is 3%. woman ownership is not compulsory. the government has also lowered the GST rate on home loans for only those who are applying under PMAY schemes. reduced GST rate is 12% to 8%  This Scheme's purpose is to provide loans for homes so that anyone eligible can fulfill their dreams and buy a home while saving money. this Scheme date has been extended til the year 2024. 

Note- if you have purchased that particular house under Pradhan Mantri Yojana, you can't sell that house within 5 years of its buying. as said the purpose of this scheme is to provide for the needy ones. 

Hope you all understood these "top five ways to save money while buying a home" saving money is very must in this upscale world. may these top five ways clear your doubts before buying a home with saving money.

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