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Ways To Start Small Savings For Your Dream Home

By: Makemymoney

Everyone dreams for his/her own home, where they can cherish their good and memorable moments. A home is a place where you shed all your stress and feel relaxed and happy. If we talk about today’s scenario where even basic necessities are so damn costly or beyond one’s expectation, it’s hard to even dream for a home. But as they say, even impossible has possible hidden in it. Similarly, dreaming for your own home might be challenging but not impossible even in today’s world. 

Our elders often tell us about doing small savings. Whether you are a new bee in the professional world or an expert saving is an important and mandatory part of one’s life. Even if you own home well in advance you need to save some part of your money for uncertain situations. Let’s talk about small saving schemes so that you can apply for Home Loan.

Recurring Deposit is the best way to start your saving, as there are best interest rates on RD (Recurring Deposit). In recurring deposit, you are supposed to deposit a fixed amount every month without any fail. You can start your account with a minimum balance of Rs. 100 every month.

Public Provident Fund

PPF is another fabulous government scheme. It allows one to save tax up to 1.5 Lakh under section 80C ITR. The account holds a lock-in period of 15 years. One can apply for PPF account in a bank, post office or NBFC’s. It also offers a good interest rate as compared to other saving schemes.

Other Saving Schemes

Saving Account, although these are the one that offers minimum interest rate i.e. 4% approx (vary from bank to bank), still is a preferable option for many. You can operate this saving account from anywhere and share whatever part of the amount you want to save every month.

Fixed Deposit is a scheme with a tremendous benefit, i.e. once you fixed a part of your saving you are not supposed to use it until it gets matured.  Those who are interested in this scheme must make sure that once they sign in for this scheme they won’t be able to use their amount before maturity.  

Similar to these there are various other government and non-government scheme available like Kisan Vikas Patra, Sukanya Samriddhi Yojana, National Saving Certificate etc where you can save you money for fulfilling your dream.

All these days, banks and other NBFC’s are very particular about documentation and so apply for Aadhar card online as it’s a mandatory document for such documentation.

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