WigglyMuffin

Dream of buying or building home will remain dream

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?

3mo ago

3.4Kviews

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ZestyQuokka

Stealth3mo

Plus the builders want 50% in cash. How do you convert hard earned white money to black 😪

WigglyMuffin

Stealth3mo

Ha yar I go into depression sometimes when I think of this. Jindagi bhar rent p Rehna padega. 🥲

PrancingPotato

Stealth3mo

Ye kab hua ki builder wants 50% in cash? Which city and builder are you talking about?

GigglyPickle

Stealth3mo

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.

WigglyMuffin

Stealth3mo

Yeah that's what I was thinking too.

WobblyBiscuit

Student3mo

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

WigglyMuffin

Stealth3mo

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.

ZippyMochi

Stealth3mo

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.

PrancingPotato

Stealth3mo

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.

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