Im earning 1lakh per month in hand and I would like to buy a 3bhk flat worth 1.15cr in Hinjewadi near Pune this year.
Sharks pls guide in detail
Also which home loans would be beneficial in long run
Feel free to DM.Ultimately your inputs as IT guys would be really beneficial.
Thanks
No. Unless necessary, wait for some time. Save heavily. Job security is more important.
Job security is good here... 4.3/5
Please don't go by the current situation. It can change anytime. Imagine they bring in a new CXO and they want to do cost cutting. Real Job security is having 2yrs of savings (runway) if you lose your job.
Have I considered your eligibility?
Rough calculations- 1.15 cr..
80% eligibility so loan of 92 lakhs
So EMI of 92 k
On net income of 1 lakh .. eligible amount would be 55k per month
.. so a huge gap ..
reverse calc .. u can take a 55 lakhs loan
Rule of thumb is max 5X of household income you should target.
EMI < 40% of in hand if you have term and health insurance in place.
Have a good saving for 20-30% of downpayment before taking a loan.
I recommend keeping your home loan emi not more than 35-40% of your salary. So for 1 lakh your ideal home loan budget will be around 50-60L.
Hdfc & bank of india are offering best rates at the monent.
Speak to credit dharma folks. I recently took a HL from bank of baroda with them. I could take OD on my HL with BOB which was ideal for me as I had additional funds to reduce my interest rate
Nope, not a wise investment with your current salary, look for something in the range of 60-65L