How much Home loan should I take?
Im earning 1lakh per month in hand and I would like to buy a 3bhk flat worth 1.15cr in Hinjewadi near Pune this year.
Sharks pls guide in detail
Also which home loans would be beneficial in long run
Feel free to DM.Ultimately your inputs as IT guys would be really beneficial.
Thanks
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No. Unless necessary, wait for some time. Save heavily. Job security is more important.
Job security is good here... 4.3/5
Please don't go by the current situation. It can change anytime. Imagine they bring in a new CXO and they want to do cost cutting. Real Job security is having 2yrs of savings (runway) if you lose your job.
Have I considered your eligibility?
Rough calculations- 1.15 cr..
80% eligibility so loan of 92 lakhs
So EMI of 92 k
On net income of 1 lakh .. eligible amount would be 55k per month
.. so a huge gap ..
reverse calc .. u can take a 55 lakhs loan
Rule of thumb is max 5X of household income you should target.
EMI < 40% of in hand if you have term and health insurance in place.
Have a good saving for 20-30% of downpayment before taking a loan.
I recommend keeping your home loan emi not more than 35-40% of your salary. So for 1 lakh your ideal home loan budget will be around 50-60L.
Hdfc & bank of india are offering best rates at the monent.
Speak to credit dharma folks. I recently took a HL from bank of baroda with them. I could take OD on my HL with BOB which was ideal for me as I had additional funds to reduce my interest rate
Nope, not a wise investment with your current salary, look for something in the range of 60-65L
Never take house loan of 3x of ur current annual salary. Have at-least 20% for down payment (this is apart from the emergency fund)
My personal suggestion is rental >> buying flats in most of the cases. Buying a flat is never a good investment. If u still need to invest in real estate, consider buying land in ur native rural areas. Taking loan adds lot of responsibility causing stress whenever there’s some kind of chaos in the market !!
Home prices are inflated. You have to move towards phase 3 to buy within your budget. The development of phase 3 is in progress but expect 3-4 more years. On 1 LPM you are not eligible for 90% of LTV. You can get max 75-80%. Assuming you have remaining for down payment - emi on 80 Lacs for 30 years at 8.5% would be around 55k. So essentially you are spending 55% of your salary on a home and that’s not wise. If you have some existing liabilities then it’s would be worse if you still go ahead with this. However if you are single, parents are well settled and they have good money in bank then things are different. Analyse these things and then take a decision. Just don’t fall prey to societal norms that investing in RE is a good idea
I’d taken a home loan very early in my life. So I can help. Flat value - 1CR. Loan amount - 73L. EMI - 61k, 30 years. SBI max gain. Got a 30 year loan as I was just 24/25 that time. Take home pay when I took the loan - 90k post tax. Cut to 8 years later - I’ve nearly paid off the loan. Keeping it going as it gives me an overdraft facility and I get tax benefits.
Mahalunge also seems good option which is nearby hinjewadi.
check your dm