How does a Home loan affect your life??
Has anyone here had a home loan burden on them. How does it affect your life with such a big loan repayment behind you?? How much Home loan can banks give you?? Can you please share your thoughts on Home loans for corporate guys! Advantages and disadvantages!!
From financial management perspective, having some debt is good as it deters overspending of disposable income and also teaches finance management and discipline. As a thumb rule, it is said that your debts or liabilities should not exceed 25% of your monthly income. This is the maximum recommended threshold. These days there are several home loan products in market that give you flexibility to park your monthly excesses and save on interest. At the same time it also gives flexibility to withdraw as and when you need your funds. You should explore what’s suits your financial requirements. As rightly said, if your home rental is high, spending same amount or a little more on home loan is a sensible decision while also providing stability of a permanent home.
When I said having some debt is good, it was in home loan context. Personal loans or credit card debts should be a strict NO. These are only results of you spending more that you earn.
Please avoid as far as possible. This is a trap where a happy going person will fall in and lose his happiness. There is lot of mental stress and looking at the tenure. It is like never ending. Secondly you end up paying more than actual amount. Suppose if you have taken 2 lakhs as a home loan at the end of the tenure you would have more than 4 lakhs plus amount. So think not twice but one hundred times before going for a home loan.
It all depends on the amount you are taking and your EMI per month....like in Hyderabad a proper 2BHK rent is 30k/ month....if your comes out to be 30k to 40k it's better to own a house as in this case rents keep increasing and EMI will be constant...finally it depends on ones financial position!
@AmazingStuff57
A home loan is like getting married to your bank—exciting at first, but then you realize it's a lifelong commitment with zero escape routes.
Your salary? Not yours anymore—it now belongs to EMI Uncle, who visits every month without fail.
Vacations? Forget exotic getaways, your next trip is to the local kirana store because "budget tight hai."
And that dream car? Now just a dream, because your dream home already took all your money!
But hey, on the bright side, in 20-30 years, you’ll own a house… and probably also back pain, stress, and deep wisdom about compound interest.
