Jakarta, CNBC Indonesia – It is common knowledge that a house is one of the important assets to fulfill one's housing needs. Therefore, it is not surprising that buying a house is the dream of many newlyweds.

When asked whether it is permissible to pay for a house in installments after marriage, the answer depends on your financial situation. If you have enough funds to pay the down payment, go ahead. However, if not, there are several things to consider.

Buying a house after marriage has many advantages. You and your partner can discuss together about where to live, and can get a comfortable residence for the long term.

If you and your partner feel unsure about your financial condition after marriage, try taking the following steps so that in the future, your financial condition remains safe and free from risks that could harm your child.

View your priorities

Ask yourself, is a house a top priority that must be met immediately? Can you temporarily live in your parents' or in-laws' house, or rent a residence?

If the answer is no, consider delaying your home purchase. Delaying doesn't mean you'll never own a home.

No need to worry about rising house prices or running out of stock in strategic locations. Just decide when you want to buy it, how much it costs, and start allocating funds, either in cash or through a home ownership loan (KPR).

Check the health of your savings

Ideally, current assets such as savings, cash, and cash equivalents should be a maximum of 20% of net worth. This net worth is obtained by subtracting total assets from total outstanding debts.

If your total liquid assets exceed 20% of your net worth, it means you have quite a lot of savings.

By considering your priorities and financial condition, you can make a wiser decision regarding purchasing a home after marriage.

Don't just pay in installments

Monthly debt installments should not exceed 30% of total income. And the amount of mortgage debt should not exceed 50% of your total assets.

It is also important for you to pay a large down payment so that your mortgage principal debt is reduced. Or you can also make partial payments in the middle of the road when receiving bonuses from work or holiday allowances to reduce the principal debt, while reducing the burden of installments.

Include life insurance when paying in installments

No one knows what will happen in the future. It could be that when the mortgage installments are running, we die and leave this debt to our loved ones.

If family members do not have enough money to pay the installments, these valuable assets can be seized by the bank. Therefore, it is very important to have life insurance if we are in debt.

Life insurance will pay out the insured amount when the insured loses the ability to earn a living, for example due to total permanent disability or death.

The insurance money can be used to pay off the remaining mortgage and transfer the name of the house to the legal heir.

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(aak/aak)