Family is pressing us to buy a house but I don't have any treasure even to put a down payment. Terribly frustrated.
Well nothing wrong unless you have other plans to quit your job and take risks. Initial 3-5 will be difficult, but better take it on before marriage and kids.
nice try, Vicky uncle
Either u agree or disagree else STFU
Don't buy a house before you are 30.
Limited income equals limited loan eligibility equals compromised choices (size / location).
Build up risk mitigation, emergency funds, a significant corpus before a sunk cost asset is on your radar.
By 30 you'll have a good sized income, some sense of direction in your career and can afford a bigger house / better location than you can when you are 25.
Do the math and show them. Example - if you earn 1L a month now and buy a flat of 1.2 Cr with 1 Cr home loan, you will have to pay x every month for 12-15 years. That it will make you a slave to the loan in the near future at least.
If they still insist on it, then God help you lol.
No amount of objective calculations or math will help you convince them. Please do not give in to their pressure tactics. I’ve been a victim and it’s one of the worst financial decisions i’ve taken and i still regret it to this very day.
How does family actually put pressure?
By constantly asking when you are buying house. How someone else’s house is so good and stuff like that.
By bitching and moaning how your are not "settled" yet. That they still have you to worry about. Also the snide remarks. You can build tolerance tho. Grow a bull thick skin and trust me it really makes them mad when you go "damn that's crazy IDC".
I've got a package around 40 LPA with 4 yrs exp, with 1.8L as take home
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