The financial paying capacity of the individual is of utmost importance. In the married couple it is better to consider if both are working or only one of the partner is the earning member. This will depend on the amount to be considered for the home loan. If both are earning then salary of one of the spouses can be kept for repayment of the loan whereas the other can run the household expenses. Family members in the family play an important role if it is a joint family. This decision has to be shared with all members so that they are considerate and supportive regarding the repayment of this loan. Consider buying a flat that has all amenities to fulfill needs of every member of the family.
Both the spouses have to understand that they will have to give a part of their salary and have to sacrifice certain financial decisions in order to get the property desired. The loan tenure can be adjusted according to the capacity of repayment by the loan borrower. Negotiations are possible during final discussions at purchasing time. They can also opt for two small loans if they are both working. If they can manage the down payment of a larger sum the better as they will be taking a lesser amount as loan. The other family members can also contribute small amounts to increase the amount paid at the beginning of purchase. Some of the couples also go in for personal loans or loans available on credit. These are hassle free and even banks offer small loans without any documents looking into your past bank statements. This will reduce the final amount to be taken as loan and also the stress involved over the years for repaying of the same.
One must not forget that other expenses are also high in the beginning of marriage. Social functions and honeymoon are also one of the foundations of a happy marriage and must not be over looked, hence keeping aside funds for the same would be advisable by the couple. Purchasing a new home also would bring interior decoration expenses and home furnishings which also amount to a big figure sometimes. The couple can opt for staying in a rented flat for the beginning years till they get to know each other and also adjust to their spending habits. They can also understand their requirements and finances available and then make the decision of purchase a home according to their needs. Meanwhile it also gives them time to collect the down payment which we all know also is a larger sum.
Loan taken for home is a liability and a very important long term decision. Anyone can dream big but it is very important for the married couple to assess their needs as well as repayment capacity before opting for the decision of taking a home loan. It would also be advisable to plan starting a family keeping in mind the budget constraints during loan repayment. And the most important point is to keep yourself focused as while home shopping couples usually end up going in for a bigger flat and later face constraints on the budget for the repayment of larger EMIs.