THERE was a time, not too far back, when buying your own home was the culmination of your lifes' work. It was the ultimate dream, your reward for having spent more than 20 years of your life working hard and saving harder. Not anymore. You can buy your home at 25 and we tell you how!

Step 1: Select the location
While most young, well-educated professionals are likely to be doing short stints in several cities, the most important parameter when buying the first home should be 'Is this the city I want to live in?'

If you've zoned in on the city then figure out whether you want a modern, spacious housing that may require a commute or something smaller close to the metro core.

But don't think about buying a home for investment. For a young person, the hassles of renting out a home are too many. For investment purposes there are many more attractive avenues.

Make sure you choose a renowned builder who has all legalities in place. Ask him these 8 questions to ensure all is well.

Step 2: Decide your budget
When you're young, you have a long earning years ahead of you and unless you've fantastically disciplined (which a few of us are), your savings are probably limited. Which means your dream house is pretty much out of the question right now. But make a start.

A property in the range of Rs 11-15 lakh is a good starting point.

But hold on before you start getting hopeful. Budget for your house considering payments such as your own contribution, the fees charged by all the financial institutions, upfront payment, broker's fees, stamp duties, transfer charges, parking charges, clubhouse membership, interiors, etc. Find details of loan schemes offered by various banks here .

In step 3 we tell you how to take the right loan.

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e-mail: Team Wealth

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