Buy a House

Introduction

To buy a house is one of the pre-configured goals in the system. This screen allows the retail user to create a goal for buying a house. The user also has an option to utilize the tool which assists the user to calculate eligibility for home loan. Once the details are entered by the user appropriately, the user can click the click here link to view the Total amount to be saved for the goal and Amount to be saved per month.

Note:

• Formula to calculate

Total Amount to be Saved for Goal = [Price of House -(Current Saving for this Goal + Home Loan, if any)]

Amount to be Saved per Month = [Price of House -(Current Saving for this Goal + Home Loan, if any)] / [Date Difference in terms of month (Goal End Date- Goal Start Date))]

• If the user clicks the Proceed button without calculating the above 2 values, system will warn the user that they has not computed the values for total amount to be saved for the goal and amount to be saved per month

• Result is shown in home currency

• After creating the goal successfully, in the subsequent page, a message will be displayed saying that- goal is created successfully, please link the account to the goal.

Navigation

The following is the navigation for this option:

• Select the Buy a House goal and click the Proceed button in Set a New Goal screen.

• The Define the Goal (Buy a House)  screen is displayed.

What you can do

The table below provides a brief description of the data that must be specified on the screen and the functions you can perform:

Field

Description

Buy a House

Goal Description

Specify the unique description for the new goal.

Price of House

Specify the expected amount of the house.

Goal Start Date

Specify the start date for the goal.

Goal End Date

Specify the end date for the goal.

Current Savings for this Goal

Specify the amount already saved for the goal.

Home Loan, if any

Specify the home loan amount, if any if the user opts for home loan for financing the goal, that is, buying the house.

Note:

• The sum of home loan and current savings for the goal should not be exceeding the price of house.

• The user can use the loan EMI calculator to check the loan EMI amount.

For Calculating the total goal amount and monthly saving

To calculate:

• Total amount to be saved for the goal

• Amount to be saved per month

Total Amount to be saved for goal

The total amount to be saved for the goal.

Amount to be saved per month

The amount to be saved per month.