Planning to buy my first house
If my in-hand monthly salary is ₹1.5 lakh and I want to buy a house in Noida, what price range would be financially safe so that I don’t face money-related stress?
Factors to consider:
Location of home purchase Tenure of loan
These will play a great role
I did take a 70L home loan for 12 years for the same take home where the current EMI is 80k and that’s ok for me as I’m still a bachelor. But if you have a family then my suggestion is to limit yourselves to 60 lakhs for 20 years
Before buying a house:
- Please make sure you are never going to move out - loans plus rent will kill your savings
- Make sure you have 30% of the budget ready in savings/cash to avoid money related stress
- Choose maximum tenure but pay in advance so that you can pay the bare minimum every month without financial stress
- Please make sure you don’t have any other debts or major financial commitments
Once this is sorted - choose a house which is 3x your gross annual salary. (70-80 lakhs would be ideal)
Put the 30% of the budget in cash in bonds which will yield 11-12% interest. It will double in 6-7 years. In case if an emergency arises/for a rainy day , you can use this.
If you don’t have any savings, please don’t consider buying the house right away.
- I’m a loan payer. I’ve considered these. It is helping me.
Same brother, even I am looking to purchase a flat in Noida, Ghaziabad. Did go through a lot of properties but honestly couldn’t find something worth the money they are asking.
If you find any suitable society, location, not literal expensive though, Let me know as well. 🤗
One of the issues is most of the properties which are still affordable can be purchase only by self funding as no bank giving loans on them. And where Banks are giving loan and property isn’t in defaulters list, the dealer/owners are asking for 30-40% Black part and remaining home loan 80%. So you have to have cash for those black part and the down payment separate.
Ghaziabad is a shit hole.
Source: I live there.
bhai 2 bhk hi mil sakta hai bas...wo bhi 1 cr ke aaspaas...50 lakh me kya mil raha hai? studio bhi 1 cr ke lagbhag hain
Nhi bhai, 40 lakh me 2bhk mil rha hae, Mae dekh kr aya tha is weekend pr , usme park and all nhi hota, wo high rise nhi hote , 6 flor tk rhta hae
How was the home btw ? Structure n all. Would you mind sending me in DM? I’m also looking for buying home. And newbie on it
@Tal can you suggest him
29dthe 40% emi rule is a good starting point, so aim for a loan where your monthly payment is under ₹60k. that puts you in the ₹50-60 lakh property range for a 20-year loan, assuming a 20% down payment. anything more and the house starts owning you, not the other way around.
I suggest to not go for flats go for property
We'll also need your age to advice
Let me also know what you finalize.
