Buying apartment by taking home loan!! Confused..!!!!

Discussion in 'Housing in Bangalore' started by cutebarbie, Mar 2, 2015.

  1. cutebarbie

    cutebarbie Silver IL'ite

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    Hi all,
    My DH is planning to buy a 2 bhk apartment in bangalore.. Actually we dont have enough money, and maximum amount has to be paid only by taking loan.. I am not in a hurry to buy, as the interest rates are very high. But family members are forcing to buy..as my DH is working abroad. Actually they are thinking that my DH is making much money, but the reality is, with the cost of living , it is difficult to save more money. I cannot tell this openly to my family members. DH is also listening to them and decided to buy an apartment by taking loan.. I am worried now..
    What should i do now? Please help me with your ideas.. I will b happy if we buy our own apartment..but we do not have cash..and have to take loan with high interest..this is making me scary..
    If anybody has bought house by taking home loan, please share your experience on the same..
    Please reply asap
    thanks..
     
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  2. sumanrathi

    sumanrathi IL Hall of Fame

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    you can't save money and buy land or flat. unless otherwise if you fall in commitment your money will be diluted in some other way. It is advisable to invest without considering the rate of interest. you will have good capital investment in your life.

    good luck
     
  3. deepideepi

    deepideepi Silver IL'ite

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    Nobody can save wholesum money to buy flat. Definetly u jave to take loan coz apartments r very expensive nowadays but EMI would be high. U have to seat down and calculate either ur monthly budget meet upto all the expenses, EMI and some savings for emergencies.
     
  4. cutebarbie

    cutebarbie Silver IL'ite

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    Can somebody tell me how much minimum down payment must be made for a 40L apartment, in order to reduce interest on a long period??
    @sumanrathi
    I have a doubt like, if buying an apartment and paying EMI for 10 to 15 years, will the apartment price increase after that 10 , 15 years.. ?? wont the building become old and price go down? plz clear my doubt..
     
  5. sumanrathi

    sumanrathi IL Hall of Fame

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    iif you buy apartment flats the cost of the building will increase but after 10 or 15 years you have to go for renovation otherwise.

    My advice is even if you buy 1/2 a ground Land it is 200 % worth and you will enjoy the freedom of life.
     
  6. cutebarbie

    cutebarbie Silver IL'ite

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    @sumanrathi ..thanks for the kind reply
     
  7. indoc

    indoc Gold IL'ite

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    We too went thru this dilemma a year ago.. and a friend of mine gave this suggestion...
    If you can make a downpayment of 30-40% of the property value and your EMI is 30% of your monthly income, then go for it.. if not then wait..
     
  8. cutebarbie

    cutebarbie Silver IL'ite

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    @indoc
    what did you decide then? Did u buy the property?
     
  9. indoc

    indoc Gold IL'ite

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    @cutebarbie..
    Accumulating that 30% down payment...
     
  10. SudhaManimaran

    SudhaManimaran Bronze IL'ite

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    Hi,

    50% of the population who are investing in REAL Estate will go for home loan in buying property. Nothing Wrong in taking home loan. But u have to pay at least 20% from your pocket for down payment. Now interest rates in many banks came down and this is the best time to invest.
    If you are saving money in long run you can very well pre pay the loan before the 15 years time.
     

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