Time to plan for financial year 2017-18

The new financial year is just around the corner. Prospective homebuyers should begin their financial planning and sort-list property options now to get the best deal

As you read this article, you have just entered the new financial year, 2017-18! Along with investment and tax planning, this is also the best time to get started on planning for that dream home. Those who have had a home in mind should start doing the groundwork. The first step, ideally, should be to draw up the budget.
Begin by estimating your income and expenses, factoring in the raise in salary or expected profits in the new financial year. Take into account the investments planned and expenditures expected.
Your will have a fair idea of your disposable income in the next financial year. You can make a rough estimate for the next few years and arrive at your budget for the new home.
The next step is to shortlist a few projects based on your budget for the new home, Go about this systematically and pick the localities of choice first and then the projects in them. List them out in order of preference, so that you can negotiate late with a good idea of how much you will be willing to stretch your budget for each one of them.
This done, start on getting your paperwork to-gather for a home loan. Shops around land identify your prospective lenders.
Find out their requirements and prepare the documentation. This way, when you approach one finally for a loan, you will not waste time in the formalities. Also, knowing the amount you will need to borrow helps.

Make an estimate of the approximate EMI amount you will need to pay once the loan is availed. With this, you can begin your financial planning in detail for the new financial year. Remember, a systematic approach helps you pick the ideal option, and get the most value for your money. It also takes the stress our of the home-buying experience.