Buying house at 27. Advice please
Hi, I’m 27 yo F and planning to buy a property worth 85L. I have 10-11L (my total savings). Rest I will be taking up loan.
My CTC is 11 LPA, 80K is my in hand. My EMI would be around 60-65k.
Should I go for it?
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Should not ask such questions on public platform, you know your situation better than anyone else. You must be having no financial responsibilities I suppose that's why you are thinking about buying home. It's all your call :) My CTC is 66LPA, I took HL of 60L, emi is 62k for 15 years. And it's difficult to manage expenses sometimes for me some months :)
No Girl
Taking loans is so boring. Marry a rich guy, divorce him, use the alimony to buy the house
Stfu mothe*seller 🤫
65k EMI is 80% of your inhand how would you survive with 15k in hand ? If you are moving in to the same house of-course you would save rent + if there is option to reduce EMI its suggestible to go ahead otherwise you would end up without having emergency fund, other budget if you are spending all your savings for down payment
If you are living alone you can still rent a room in your flat to ur colleague to cut costs
I don’t have much expenses. Secondly I live in my parents home next where I will be living I don’t know. As a girl thought of not knowing my future location bothers me. I don’t want to be dependent also don’t want anyone to rely on me. It’s me, my finance, and whatever (a home) of my ownership for myself.
Clears throat for gen Z slang.
Gurl you cray-cray. Can't vibe on 20k for the next 3 years till you get a payhike.
If you fam causing you to be down, move out. Rent be like 20k and you'll have 60k in hand. Invest in sum mf MFs. Move cities, travel, date. Find the right city and right job and right vibe and THEN buy a place when you have at least 80% down payment.
Understand what 20 years is like. You've worked for 6 years now? 20 more years of a plan when you'll have no savings is just....smh.
please don't buy home on huge lone your life will be hell please control you emotions towards home
you will not able to manage incase of emergency and who knows what kind of guy you marry
Pls do not fall for such high loan funded house ownership. Your emi should be at worst 30% of your take home. Don't take pressure and save for another 5 years before buying with 50% or at least 40% down payment.
My personal opinion is, if you can wait for few years and be able to pay with maximum amount from your pocket keeping very less amount to loan that would be better also before you go on to take loan, ask yourselves do you have any emergency fund that you can liquidate when needed, also you should have a perfect planning on how you will manage your expenses with loan emi included atleast for 3 months just in case anything goes wrong with your income source... Just be mindful and don't blindly fall into the emi trap without planning all these.... All the best and may your wish of buying a house come true very soon!!!!
If you take that HL, your debt to income ratio becomes 75% which is abysmal! Ideally it shouldn't be more than 36% and yours will become 2× of that. Imagine a life where you are working 3/4th of the total working hours just to pay your EMIs.
Most of the people get it wrong. The whole idea of savings, retirement and investments is not the ability to buy anything, but it's to gain financial independence. It's the freedom that comes with FI which is the end goal. You'll be doing just the opposite.
My suggestion would be to hold that decision for at least another 5-7 years. Anyway real estate rates have become over inflated in the last 3-4 years. This is not the correct time to buy a property either.