ZippyPancake
ZippyPancake

26M, ₹1L salary – right time to buy a flat in bengaluru?

my monthly situation:

  • ₹30K SIP
  • ₹40K goes to home expenses (I support my family)
  • ₹10K for miscellaneous expenses
  • left with ~₹20K/month

my questions:

  • what should my budget ideally be?
  • should I reduce my SIPs to contribute towards the home loan?
  • which areas in bengaluru should i be considering? i’m buying this flat purely for investment purposes.

any insights or suggestions would be much appreciated!

20d ago
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DizzyPotato
DizzyPotato

Ideally your monthly EMI should not be more than 30% of your salary (percent can increase depending on total income), calculate and plan accordingly.

ZippyBoba
ZippyBoba
Student19d

Then he won't be able to buy home forever lol

SnoozyWalrus
SnoozyWalrus

Remember, Having 2L - 2.5 L Income per month is the right way to go for Home buying in a budget of 1.2 - 1.3 Crore. Also, Save a liquid fund of atleast 10 - 15 L and then buy a home by putting 2.3 L as down payment

FuzzyPretzel
FuzzyPretzel

I guess it's too early. You might move to different city for a high paying job and that would make the flat a liability. It's too soon to get tied to a property.

If you intend to settle in the flat, you have to think twice. But if it's for investment purpose, then you have to answer completely different questions

WobblyWalrus
WobblyWalrus

A budget of ₹1.2 to ₹1.5 crore is a good range. The EMI will depend on your financial appetite, how much loan you wish to take, and the tenure you choose. Consider areas like Whitefield , Bellandur and Marathalli.

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