Trending @Wipro; Home Buying Plan
I currently have ₹20 lakh in my account. I don’t own a home — neither in my hometown nor in Pune. I’m planning to buy a home in Pune. My annual salary is ₹21 lakh.
I’m considering purchasing a property worth ₹1 crore, with an ₹80 lakh home loan. The expected EMI will be around ₹65,000 per month. I plan to buy an under-construction property.
During the initial phase (for the first 3 years), I’ll pay an additional ₹6 -8 lakh per year in principal amount , which will help reduce the EMI to around ₹40,000 after possession — roughly equal to the rent I currently pay.
After that, I won’t make any extra payments and will continue with the ₹40,000 EMI. This way, the home will essentially be built from what I would otherwise spend on rent. Also, if I switch jobs or relocate, I can rent out the property and use that rent to cover the EMI.
This is my plan — please let me know if it seems feasible.
You will be losing your freedom... It's truly your decision. You can apply all sorts of formulae for down-payment vs loan amount but in the end your freedom is the biggest asset. You can resign whenever you want, change states, do a different job. You can't do that if you have a massive loan on your head.
Looks like a good plan to me. Just be mindful there will be additional costs like registration tax, interiors etc. Also the project may not be ready in 3 years.
