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Need 11 likes for dm, please help me out
Chief
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Don't, not recommended.
Reason:
1. I don't understand what will come in 55 lakh in Mumbai ( half bhk or so)
2. You might be getting around a lakh per month. You will end up paying 50k for next 15 years.
Instead rent your home, invest in assets - equity/mf, may be 10/15 yrs down the line once you are married or so, then go for a decent home. Your equity would have given you more return than the increase in house price.
Pro
HRA and home loan are completely different
I honestly appreciate you for the fact that you're taking care of all family expenses and having dreams to build a good life. And you're just 24. But buying a house now and spending more than 50% of your earnings on EMIs for the next few years is not a good idea. There are girls out there who are earning well, taking care of family and having big dreams like you. I hope you find such a girl who can share your life, your family and your expenses as well. Hope you buy a home soon. Trust me, being a girl, I know such girls exist. All the best!
Avoid HomeLoan
For Financial Security : go for Term Insurance of 4-5 CRORE
For Investment : go for SIP mutual Funds. 10k per month in 15 years may cross 1 CR
Atleast 20% income should straightaway go towards investments ( digital gold, SIP, Stocks, crypto ( dicey in current market but good time to take marginal risk now) ) . And it should keep increasing as per annual increments.
Atleast 10% should go on personal well being, entertainment fun masti
50% rent + expenses
Rest can be for your Insurances, NPS, ppf etc
Rising Star
Scenario1: Your family doesn’t own a house and live in a rented space. Then buy an apartment but, avoid buying it in Mumbai.
Scenario2: You are a guy and shaadi kar ni hai aur ladki wale bol rahe hain ke ladke ka khud ka ghar hona chahiye. Toh uss ladki se shaadi mat karo.
Scenario3: Ghar lena hai kyon ki aise hi…sexy lag raha tha toh bete, zarurat na ho toh mat lo flat. Mumbai mei 55 lakh mei machis ki dibbi aayegi bas. Usko apartment nahi kehte. Tum log 15 LPA tak bohot jaldi pahuch gaye ho may be isliye samajh nahi aa raha hoga ke pise ka kya kara jaye. Try investing your money in Stocks/Crypto/Gold/Mutual Funds. Create an emergency fund for yourself and your family. Buy insurance policies and health cover. Apartment can take a back seat for now.
Offend mat hona. 🙂🙏
Rising Star
@author 🙂
Chief
I bought a house for my parents in 2012. I was 22 and my CTC was 4.5L with TCS. Property value was 18L. There were other properties as well but this was the one I could afford. Took a home loan of 12L for 15 years. EMI was around 13k. 3 more years left of paying EMI. It was one of the best decisions of my life. My family didn't have a house so it wasn't just an investment for me.
Great♥️
If going for home loan,nit recommended.
Try to work on having assets, not liabilities in form of EMIs.
Wait for 3 years and I am sure you will be in position to buy it cash and property rates will not spike much as longs as Modi is in power.
Buy house for living. It's better if housing loan emi is not exceeding 30% of monthly income. Untill then you can accumulate down payment corpus. Also, don't miss retirement planing.
Calculation would differ if you have inherited assets.
This is the way i look at it
What are your driving factors to buy a property, that too in Mumbai?
Secondly do you have a roadmap of your next 5 -6 year career/personal life?(ofcourse , things are always just plans)
Thirdly, do you have more than adequate emergency fund, medical provisions, investments,
Have you accounted for the expenses that you incur as your remuneration increases?
Properly rates in Mumbai are just exorbitant. Please do not dive into this commitment just because you can now/ others at your age is already invested in one
Unless you’re buying it for your own residential purpose, buying it for something like “investment” reasons is a poor call imo.
You can aggressively invest in alternatives and set yourself up for the future
Again, just an opinion of another mumbaikar…
Thank you.
I would recommend purchasing a house right away even if it is on loan, just for investment purpose. You can always sell it later when it appreciates and gives you good return. Pay off the loan and put rest of the money in pocket or purchase another one. In case you want to move in you have that option as well and if you don't want to move in put it on rent and earn rental money. That way you will set off the EMI through rent and in long run you will still get the rental income. I purchased 2 properties this way and atleast will have rental.income when I retire. But only purchase ready to move in property where some families are already staying, you will get some good feedback and save yourself from hassle of non competent builder. All the best!!
Mind if i ask, when did you buy the property?
39000 emi means you have more than 1l take home salary? ( banks cannot take more than 60% of your monthy income towards EMI)
I am not trying to argue your suggestion, it is a smart play… but affordability plays a major role in this kind of scheme
The fundamental traits to treat properties in mumbai as an investment opportunity have changed over the last 10 15 years
.
I think this decision lies within one fact that can u generate more money without owning a flat with the same money. And what city u plan to invest and what is avg cost to buy for next 20 yrs / avg rent
Check the same across cities u might get your answer
Hey hi buddy,
It is really appreciated that at this age you earn very well,
You just focus on saving for three years, in different form, like gold bond, mutual fund, shares, 10 per of total savings must also be in fd,
Decide how much will be your cost of leaving if you have an emi of 20k per month, based on it you must save atleast for 50 months saving, in all above method,
Other thn this you shall have your term insurance,
Family health upto one mark limit,
This is all calculated in excel,
For reference you can read physiology of money
Pro
Do u already have a family owned home and u want to take this for yourself?
Or you can buy a house and give it on rent, pay your emis with that and live on rent (obviously it should be less than you are earning from rent)
You need to learning managing such stuff, if you can handle the chaos.
.
you can start an sip of25000for 10years and do down payment in property once completed your sip will able to fulfill.for enquiry connect-9 3023406
All in sip? Or should I divide between mutual funds, pf, fd etc etc?
If
flat cost/(20* annual rent) < 20, then you can think of buying a house otherwise it's not an investment rather liability.
Lol, by this formula every property is a liability. This demands a purchase cost lesser than 400x annual rent.
Generally i have seen for residential property around 5k rent for every 25L of purchase value.
I won't say the formula is right or wrong, but indeed property is a liability as of now more of a creature comfort.
Take home as soon as possible, because property rate is increasing rapidly each year, example Mumbai property rate... U will also get tax benefits on home loan.....
Not in the anticipation of profit but just luxury..
Luxury is for rich people
Rising Star
Platforms like this is sheer boon.
First of all, thinking so early about these things is commendable, so happy to see this.
My opinion - live in a great society on rent, and buy a house in a local area at much lower price, and put it on rent. This way you have bought a house as an asset, not a liability. Also, you are living with all amenities and as per your desire.
+1
If you are in the city only due to this job, don't buy a house yet. If you are able to save about 50 to 70k every month, invest in some NBFCs (fixed deposits) and whatever friction you have among your family, bearing it is better than buying a new house and becoming a slave of your employer.
Freedom means a lot and people switch jobs and cities very frequently these days.
Surw
Total loan EMI payable should not be more than 35% of you take home salary.
If you are single and don't have other commitments then you can stretch up to 40%.
Check YouTube video's regarding this for more information.
Sure sir. Thank you.