With rising prices of properties and houses, my dream of building a home will remain dream for me. When will that day come when common people will be able to buy property. All good properties are worth more than 1.3 cr. Home loan is also joke. For property worth 1 cr. You will pay double the amount as interests. How many people here have completed their dream of buying property without home loan. I don't want to take home loan as our jobs are very unpredictable. Any time any one can get laid off. Will we be able to buy our own home ever?
Plus the builders want 50% in cash. How do you convert hard earned white money to black 😪
The best thing you can do IMO is to gain financial literacy. Depending on what stage you're in, if planned properly you can easily buy a pretty decent home in next 10-15 years while building a good corpus.
I know some people may not like the idea of waiting that long. But hey, that's better than not paying the interests or not buying a home at all right? However, it has become necessary to grow our money in this economy and it's not gonna get better any time soon. So the priority should be to have a good corpus before buying a home.
Yeah that's what I was thinking too.
I was about to create a post on this , but thankfully you created so I am 23 and moving to USA next year for my masters, but I have a dream of buying my own house , my parents have a very beautiful 4bhk duplex in a tier 3 city , and it always motivated me that papa ne Kiya hai , mujhe bhi karna hai I don't want any glamorous one but just a decent 2-3 bhk in a good location , i don't know if I will able to do it or not What's your plan guys , do you also have a dream of buying house before any particular age I was thinking before 30-32 but abhi to ache se financially khada bhi nhi hua hoon
Yeah same bro, my parents have nice home in my hometown. But I don't like the place. I wanted to shift in a place where I can enjoy my life peacefully after retirement near by mountains. I can buy a home but with Home loan. It will burden my life in a way that I mentioned above due to our jobs. And for down payment also I have to encash my whole investments as properties are now touching more than 1.5 crores.
It's still possible to get cheaper homes and land in tier 2-3 and beyond to be fair.
One should be pragmatic about living in a tier 1 city. It's really not worth it anymore. Literally 2-3x the living costs compared to rest of India.
More people should move away from tier 1, help drive the prices down and make them liveable again. At the same time, develop the other areas too so people don't need to move to tier 1 as a necessity for work and growth.
My suggestion- take home loan and keep on doing part payments. You’ll have options to either reduce the tenure or principal. This way you don’t have to zero your savings and you can significantly reduce the interest on the home loan taken. Also, the money in back can can decent returns.
As for job security - Imagine emptying your savings on home and losing your job. It’s better to get laid off on a running loan when you have some capital in your bank. You can ask for restructuring or pausing EMIs for 3-6 months. I am sure you’ll be able to find job in that period.
I relocated to Bengaluru in 2022. For almost the next one year I have seen various properties in and around Sarjapura Road but I couldn't buy anything. Although I have liquid money to buy any 3 bhk up to 2.5 cr in cash but I don't see the value in it. After paying this much money you come out of the building and get stuck in the road. Infrastructure is really poor, all of the societies are dependent on tankers for drinking water. And after all of these issues you pay 12k as society maintenance. I don't see any logic. I might be completely wrong but I feel better to stay in rent.
Without home loan it is extremely difficult and also not recommended,
I built one in my tier2 home town, bought plot of 60lacs and another 60lacs for construction, self supervision and bought all the materials myself, saved atleast 20lacs there,
Market value is at least 1.7+cr.
Took 60L home loan :)
Don't regret a bit.
And always worried with the home loan repayment lol,
Hopefully if I am able to increase my total savings/investments to more than the home loan, I will be slightly relieved.
Like the title says, why is owning a home so difficult.
A person with 1 crore in the bank is a middle class if you go by the current housing sector trends. In most big cities, buying a 2-3 bhk apartment means shelling out around 1.5-2 ...
It is not the usual society rule, but I have had this longing of own house.
Childhood was spent I government house, adjusting with members of family.
Now I am earning fine, will have 20% of loan in liquid cash by end of year.
B...
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To be very honest I feel very frustrated looking at the situation right now. Companies are laying off without worrying about the employees. It's just corporate profits everywhere.
I am scared to death that my career won't last long th...
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I’m 30, constantly upskilling, plan is to build big corpus till 35. Working remote, keeping expenses pretty low, no l...
Long Term: 1. Keep upskilling. 2. Build alternative income sources. 3. Don't buy things just for FOMO ...
I believe if rent is more or less similar to EMI then it's not a poor choice.
