I have saved 15L in the past 2.5 years, and i am planning to buy a home worth 50 L in tier 3 city. I want to take a Loan of the remaining amount and i am the only earner in my family. Considering the current situation of Layoffs/Downsizing etc etc in IT,is it okay to take a loan and solely depend on my income for loan repayment. Im 25 rn and we don't have our own house. So need one. What are the other ways in which i can buy a home.
Personal Opinion:
Here's a refined plan: Set aside ₹3 Lakhs for future security, then take a ₹37 Lakhs loan over 10 years at 9% interest, resulting in a manageable ₹47K monthly EMI. This tenure aligns with your current savings rate.
Allocate the reserved ₹3 Lakhs into a Debt fund, providing a 6-month EMI cushion. Additionally, your severance pay offers another 3 months' buffer. This leaves you with a comfortable 9 months to find a new job if needed.
Fulfilling your family's dream will inspire you to overcome any challenges.
Note: While furnishing expenses aren't factored in, your yearly hike can cover them gradually, now that you have a roof over your head.
Stay motivated, and all the best! 🟢
Thanks for the reply. I didn't know this perspective. I have a question. Why not 20yrs for loan repayment. I can save 50k per month, but being on the safer side can i not make it 20 years and save this 25k and put back bulk repayment after a few years. Wouldn't this be safe game? Or what should i consider when i am setting years for loan repayment.
I personally don’t want to live in EMI life. Try to close as soon as possible. Even go for an early principal payment to save a ton of money on Home Loan Interest.
You can talk to creditdharma
Sure. Thanks for the suggestion.
One imp thing, check for OD loan account with your bank and if they have lock-in period on this acct. I would suggest to choose a bank with no lock-in period on OD acct so that you can keep your earnings there with 0 interest on that amount.
For eg.: Loan principal amt: 50 lacs, amt kept in OD acct: 10 lacs (emergency fund), so interest will be applicable on 40 lacs.
They give good advise regarding home loan
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