Investment advice real estate
I’m 28 single. Was earning 15+ up until last year Got 25+ hike end of last year
Getting a 2bhkflat in Bangalore in 1crore ready to move in. I believe in rentals and MF investments. Parents are behind me to buy a flat.
Should I go ahead and buy it? If yes what would be good way to proceed I mean From checking flat details To how much upfront should I pay And what would be good financing options and EMI tenure? If you could share your investment stories would be great. If not invest where? Already invest 30k plus in SIPs
Hey
You shud also research on the values nearby, if the price is good or not. BLR RE demand shud definitely increase over next 2 decades, the Macro is good, infra projects coming up.
On the finance side, for 1Cr flat, buy if you have more than atleast 50L savings of which you can put 20-30 as down-payment. Try to get the interest rate as low as possible and aim for atleast 20Y tenure, you can always prepay. Make sure that the EMI is less than 35% of in-hand pay and have atleast 12months of expenses+EMI in emergency fund.
Get a loan sanctioned from SBI. Their due diligence is a must. If SBI isn't approving, then don't buy the flat.
Read this thread:
This guy headed Home Loans at Navi and has detailed his own personal experience of homebuying as an insider. He has reviewed his experience at 3 banks in the home loan process.
Just remember that buying a flat means that you will stay for atleast 15+ years in that city. Do you want to live in Banaglore for that long or live someplace else?
If yes in Bangalore then buy a flat. If no then rent in Bangalore and buy in city of interest.
What about rental it’s in a decent society near IT park should help right off I don’t stay. Like the Bangalore weather not the traffic though
