Financial Aspects to Consider before buying flats in Patna

When it comes to buy flats in Patna or at other place, there is of course so much of desire and hard work going in. Buying new home is just like eventually fruit bearing after a long year of labour and sacrifice.

Buying new home is a dream of everyone.

And at time when you manage to successful achieve this dream of yours, your visage should of course be happy and proud. They should not be ridden with debt worries.

Regarding this below here some of the top aspects have been mentioned which you must consider before buying flats in Patna or at any other place.

Aspect imp. to consider while buying flats in Patna

Consistent Home

It is the first and foremost criteria which you must tick off before plunging into buying flats in Patna via availing a loan. When you are designated to pay off your loan in monthly installments, it is important for you to ensure that you’re well-settled in your job. Your income must be sufficient enough to meet the required EMI and several other monthly expenses of your family too.

Debt to income ratio (DI Ratio)

As the name implies, this ratio can get found out via dividing monthly debt associated expense by monthly income.


According to Experts,

For having a good debt-income balance, it is important that the DI ratio not exceed a value of 0.28 i.e., only a maximum of 28% of your respective monthly income should go towards paying your debts.       

Decide the budget of your house

For DI ratio to be a maximum of 0.28, it is important for you to work out the budget (onto which you plan your flat in Patna) accordingly, depending on your income. This is basically done so that your DI ratio not exceeds the mark of 0.28. In a case if your budget ends up being a little less than the bar you have set, it is advised not to despair.

Budget being little less doesn’t mean that you are required to sacrifice your own desire of owning a reasonably big house. An appropriate selection of the location can help you out in buying a considerably big house within your budget.

According to realty experts,

Properties on the outer region of the city are the better bet for investing in, in a case if you choose the aforementioned option.

Savings to meet emergencies

It is one basic thing that every individual ought to remember no matter whether he/she is planning to buy flats in Patna or not.

In Life, time never remains constant. Life is all about perpetual twists and turns, and so its completely our responsibility to be prepared to encounter all the sudden bumps which we may face in our lives.

Especially for those who are in seek of buying a property buy procuring loans, it is absolutely quite important to have enough savings for meeting emergency situations.

As your entire salary get expend on paying the debts and fulfilling several other monthly expenses, so it will be of course very hardly feasible if you depend onto your salary for meeting your emergencies

The term ‘savings’ does not always refer to the possession of hot cash.

Imminent Income

In a case if you are expecting some huge income to flow it in the coming years, you can enjoy well take the dunk of buying flats in Patna. The income can be from the recurring deposits (RD), fixed deposits (FD) or from Employees Provident Fund (EPF) or from Public Provident Fund (RPF) or from selling old assets etc.

However if are planning to use your provident funds, ensure that you have some other alternatives for managing your entire retirement life.

This was all about the financial aspects you should consider while buying flats in Patna (say 2 BHK flats in Patna).

Hopefully now while buying your home in Patna, no debt worries will dampen your happiness. Plan accordingly and behave wise.