Trending @Accenture; Home Loan Confusion

Im 27 & earning 1.2 lakh per month. Im confused should I even think about buying home where 70 lacs loan at 8.7% interest rate for 20 years...well target is to complete as early as possible...may be 70k in emi...? Any suggestions where it would be right decision or not bcoz currently we r living on rent having no property.

12mo ago

SquishyPenguin

Accenture

12mo

Are you single or dual income with or without kids?

SillyWalrus

Accenture

12mo

Currently single income and non working parents...planning to marry in 2 to 3 yrs

SquishyPenguin

Accenture

12mo

I suggest to wait till marriage as your wife may not be comfortable to live along with your parents and you end up paying both emi and rent.

CosmicWaffle

Accenture

11mo

Is 1.2 inhand or gross?

SillyWalrus

Accenture

11mo

Yes innhand

CosmicWaffle

Accenture

11mo

Are u living in rent currently along with your parents?. What's the rent amount currently?

SillyWalrus

Accenture

11mo

Yes 15k monthly

PerkyBiscuit

Accenture

12mo

FYI, You would be paying around 80L just the interest.

GigglyNugget

Accenture

12mo

Buy a home in your home town or where there is less price. You will end up paying almost double amount through emis. Think something nice. If u get married no wife wants to live with in-laws. So plan according. You have been earning since few years if you have any savings use it for down payment. Don't pay EMI more than your 30% salary. In future you might have to pay other emi or SIP or mutual funds. Think a lot before taking this step.