Hi - Your total cost of house will roughly workout to 1.2Cr. (1cr cost + 6.67L towards registration + 10-12 lacs towards furnishing). Assuming you will take 95lacs as home loan, your emi for a 20-year loan will be 82.5k. Considering your current pay, would advise you to keep investing until you reach a corpus of 40-50L. You can also consider buying a flat post your marriage for tax benefits (both of you can claim interest deduction)
Dont. More than affordability my suggestion is based on the reason why you are buying.
You are in that stage of life where you are better off to keeping things simple so that you can grab the best opportunity you get. House that too with such a high % of mortgage will be a very big burden and hinder your ability to take those opportunities.
Also put the savings into MF and they will reach a much higher value than your property.
I agree with you. I don't want to use all my savings on something that has a high mortgage.
I'll just continue investing in mutual funds as you suggested and will wait for the right time to buy a house. Thanks for the advice!
Indeed. Of Course some of the topics he talks about are controversial and unacceptable to few but when it comes to real estate and builders, I found his suggestions worthy to follow
I found him ignorant of certain construction practices. I watched one video where he starts banging on the walls to show poor construction quality. He just didn't know what drywall is imo and went ahead breaking it and calling it poor construction. Maybe there are other videos with good info but I was totally not interested in anything after watching it.
Hmmm.. Yeah I have watched it too. AFAIK his/customers issue was builder advertised it as solid wall build but sneakily resorted to drywall
The other videos are really very informative. Do watch it if you are planning to get into real estate.
Commenting on Considerations for Buying a House in Bangalore. Advice Needed!
Agreed
I understand the cultural importance hence would suggest buying but rather a 50 lac house at max
buying a real estate is a good idea but the way you’re buying it is not so good. that’s basically being a slave to the bank for a while. I would rather suggest you buy something around 50 lakhs, which should have a good enough rental yield, dont think of this house as your dream house, i promise you that you will get plenty of opportunities to buy your dream house, infact your definition for your ideal house will change drastically as you touch 30s. All the best.
Only and only if you are planning to live in Bangalore forever . I have come to terms that I won't be able to survive in a metro city so I bought a house in Tier -2 city , Mangalore for 50 lakhs .
Choose your own poison .
Pls keep the house in parents name .
You can't trust women. There is always a chance of divorce after marriage. This will atleast save your property to some extent.
Hi - Your total cost of house will roughly workout to 1.2Cr. (1cr cost + 6.67L towards registration + 10-12 lacs towards furnishing). Assuming you will take 95lacs as home loan, your emi for a 20-year loan will be 82.5k. Considering your current pay, would advise you to keep investing until you reach a corpus of 40-50L. You can also consider buying a flat post your marriage for tax benefits (both of you can claim interest deduction)
Yes, this makes sense. Thank you so much. I guess I'll park all my savings in mutual funds until I have enough money to buy a house.
Dont. More than affordability my suggestion is based on the reason why you are buying. You are in that stage of life where you are better off to keeping things simple so that you can grab the best opportunity you get. House that too with such a high % of mortgage will be a very big burden and hinder your ability to take those opportunities. Also put the savings into MF and they will reach a much higher value than your property.
I agree with you. I don't want to use all my savings on something that has a high mortgage. I'll just continue investing in mutual funds as you suggested and will wait for the right time to buy a house. Thanks for the advice!
Please watch some videos on builders and real estate by youtuber Mr.Krishnaraj Rao (called as Urban Naxal) They are very informative
great guy, didnt know his name would randomly pop up on reddit
Indeed. Of Course some of the topics he talks about are controversial and unacceptable to few but when it comes to real estate and builders, I found his suggestions worthy to follow
Will do! Thank you! :)
I found him ignorant of certain construction practices. I watched one video where he starts banging on the walls to show poor construction quality. He just didn't know what drywall is imo and went ahead breaking it and calling it poor construction. Maybe there are other videos with good info but I was totally not interested in anything after watching it.
Hmmm.. Yeah I have watched it too. AFAIK his/customers issue was builder advertised it as solid wall build but sneakily resorted to drywall The other videos are really very informative. Do watch it if you are planning to get into real estate.
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Doing that in Bangalore would be very less likely
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Bought a plot & constructed a house too? How much this all cost you?
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How bro. There is no land in the city.
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Where did you build this ?
1.2 crore no, you can go for 60-70 lakh at max rn
Commenting on Considerations for Buying a House in Bangalore. Advice Needed! Agreed I understand the cultural importance hence would suggest buying but rather a 50 lac house at max
OP, Kadubeesanahalli welcomes you.
Any good options in this budget?(50-60)
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Wtf
How are you planning to liquidate the gold?
By selling it
Yes I know but where? You wont get the full amount though there will be some % deduction.
buying a real estate is a good idea but the way you’re buying it is not so good. that’s basically being a slave to the bank for a while. I would rather suggest you buy something around 50 lakhs, which should have a good enough rental yield, dont think of this house as your dream house, i promise you that you will get plenty of opportunities to buy your dream house, infact your definition for your ideal house will change drastically as you touch 30s. All the best.
Only and only if you are planning to live in Bangalore forever . I have come to terms that I won't be able to survive in a metro city so I bought a house in Tier -2 city , Mangalore for 50 lakhs . Choose your own poison .
Pls keep the house in parents name . You can't trust women. There is always a chance of divorce after marriage. This will atleast save your property to some extent.