Finance knowledge
Hi Guys, I wanted to ask one thing from experienced people here. I want to buy a 2/3Bhk flat worth 70-80 Lac after 5 years and right now I have only 5 Lac savings. How should I plan properly to achieve this, 1 am afraid of taking loan and really scared of debt. Please suggest something.
isNaN
Stealth
2 years ago
You may want to start a SIP for this goal or any kind of investment which can give you better returns for your money as early as possible.
Next, consider the rise in property prices in 5 years. 70-80lacs might increase or decrease when you are ready to buy.
Don't be afraid of loans. When planned properly, loans should be fairly straightforward. The only golden rule for loans is to have a backup of the loan EMIs, atleast 6-7 EMIs, for any emergency situation.
I hope your basics are covered before you start thinking of the loan or property. Basics such as term insurance, health insurance, 6 months emergency liquid amount.
Also, evaluate the need of a flat seriously.
