Can I buy a home with low income? – It is the dream of all of us to own a house and avoid the trouble of paying rent. However, sometimes things may not go as planned. Since many people cant save money, buying a house by getting a mortgage is a more logical option. Aside from the rise in house prices, the rise in housing loan interest rates also poses questions about housing loans for people with low income. If your income is low, this does not prevent you from owning a house.
Search for low priced properties
First of all, what you need to do is to find real estate with low prices in regions with high development potential. You may think that a region with development potential will decrease your living standard, but in rapidly developing big cities, such places are rising in value at the same speed. The house you plan to buy will be much more valuable than the price you buy in a few years. This will make you profitable.
There may be unnecessary expenses
When you are determining the most suitable mortgage loan, there are other points you should pay attention to besides the loan interest rate. You should also examine other detailed information such as file cost, commission to reduce the cost of credit. One of the points that you should pay attention to while doing your loan research is the limit on the instalment amount. The total amount of monthly instalments is arranged in a way that does not exceed 50 per cent of the total income of the household.
If your household income is 4000 TL, your monthly instalment payment can be 2000 TL at most. You can determine the minimum maturity with this information in mind. It is to your advantage that the term is at the lowest possible limit because as the term increases, the total amount you will pay will increase.
Get professional help
How to buy a home with low income? – Finally, do not neglect to save. Picking up the appropriate down payment in a few years is not difficult if you follow a few small savings suggestions. If you want to benefit from real estate consultants who are specialist in their fields, Realista’s professional consultants are ready to assist you; you can reach us via the contact form.