There’s no bigger dream than owning a home, but finances always come in the way. There’s no need to worry anymore, because we have the perfect solution that will help you in building a financial corpus to achieve this milestone.

There’s a dream that finds a mention in most bucket lists. Any guesses? Yes, it’s all about owning a home. Not only is it aspirational, but it is also imbued with sentiment. After all, it’s a space that you can proudly call your own. No wonder, people spend all their hard-earned money to purchase a property. But is it the right approach to put in all your savings?

The answer is no. But you can certainly make certain financial decisions that will help you fulfill your dream. So, are you ready to find out? Let’s go!

Build financial discipline

The starting point to buying a dream home is to be financially disciplined. Create a monthly budget, avoid unnecessary spending, clear debts, and try to look for ways to build your wealth. Try and segregate your expenses, so that you know where all the money is going. This will help you make the requisite amends. 

You could also opt for a side hustle to supplement your primary income. All in all, it’s critical to be mindful – the wiser you are, the better your situation will be in the long run. 

Do all the research about your dream home

It’s great that you want to buy a home, but what is it that’s on your mind? Is it an apartment that you plan to buy or an independent property? Do you want your space to be in a particular location? It’s important to have all the clarity, so that these factors can be considered when estimating the cost of the property. Knowing these details will help you understand the amount you need to save. 

Invest early on in your career 

Most of us take quite some time to start our investing journey, but if you really want to buy your dream home, don’t wait for it. That’s also because you are more receptive to taking risks at the beginning of your career. 

But here’s a reality check – your savings account is not enough to fulfill this milestone; you need a tool that offers you good returns. While recurring deposits and fixed deposits are unaffected by market fluctuations, they do not offer high rewards in a short period. A great option is HDFC Life’s Sanchay Plus plan, which is a savings plan that offers a secure future to you and your family. It offers you the flexibility to choose your policy and premium payment terms. 

Mutual funds are also another option– there may be high risk involved, but there’s also a higher likelihood of increasing your savings. Plus, this investment tool has the potential to beat inflation in the long run. 

Keep aside some money for future EMIs

As much as we would like, buying a dream home without a loan is a rarity. Since home loans do not come cheap, use an EMI calculator to understand the amount you need to shell out in the coming years. It will help you know where you stand, accordingly pushing you to create an action plan.  

Maintain your credit score

There’s a big reason why maintaining a good credit score is always encouraged. That’s because it helps you get lower interest rates on a loan. Since the tenure of home loans is much more than usual, you will pay high interest. But in case you have a poor credit score, you have to pay an even higher amount. So, steer clear of that!

Go for HDFC Life Sanchay Plus 

HDFC Life’s Sanchay Plus plan is a savings plan that has been built with the purpose of safeguarding you and your family’s future. It is a non-linked savings insurance plan that offers guaranteed benefits as a lump sum or regular income. 

This means that policyholders receive a guaranteed maturity benefit payable as a lump sum at the end of the policy. The maturity benefit is equal to the sum assured on maturity. 

What sets it apart?

There are four plan options that policyholders can opt for, under HDFC Life Sanchay Plus. The Guaranteed Maturity option offers a guaranteed maturity benefit, payable as lump sum at the end of the policy term. In case of the Guaranteed Income option, the policyholder receives a guaranteed regular income for a fixed term of 10 or 12 years. 

There’s also the Life Long Income option that offers guaranteed regular income, up to age 99 years plus return of premium at the end of the payout period. 

The last option is Long Term Income, wherein policyholders receive guaranteed regular income for a long term of 25 to 30 years, plus return of premium at the end of the payout period. 

The policyholder also receives tax benefits as per prevailing tax laws. They can also strengthen their policy, by opting for add-on riders that ensure financial protection and added income benefits above the sum assured in case of permanent disability due to an accident. 

In addition, if the policyholder opts for a rider, the plan also pays a lump sum amount, if they are diagnosed with any of the critical illnesses specified in the policy. 

Here are some benefits of the plan:

• Life cover to protect the family’s future
• Steady retirement income with Life Long Income Option, up to 99 years, plus return of premium at the end of the payment term
• Guaranteed maturity benefit at the end of the policy term 
• Guaranteed Income option offers a guaranteed regular income for a fixed term of 10-12 years
• Long Term Income option that offers guaranteed regular income for a long term of 25-30 years, plus return of premium at the end of the payment term.
• Tax benefits as per prevailing tax laws
• Return of total premium(s) paid at the end of the payout period

The last word

Buying a home is a dream, but you can fulfill it with an investment plan like HDFC Life Sanchay Plus. So, wait no more and start your journey right away. As they say, the earlier, the better!

Disclaimer: This article has been produced on behalf of the brand by the HTBS team.