I want to buy house, my package is around 15LPA but a good 2bhk flat in the apartment will cost 1.4crore, for me it looks like impossibile with my current salary. I am totally stressed out with this.
I need your suggestions.
Is it in Tier 1 city? If possible if you are working remote you can buy home in tier 2 city with good infra and facilities. You can get an awesome flat in 1/3 the price. Tier 1 cities housing market is crazily inflated and the facilities these cities providee are not worth it for a well settled family IMO.
Which Tier 2 cities would you suggest?
From personal experience, some cities I prefer - Indore, Kochi, Bhubaneswar, Nashik Look for criteria important for you - safety, Basic infrastructure, culture, education for kids, Cost of living, potential growth, budget
Friendly advice.... Don't take too much loan it is a trap. My friend did a smart thing: She saved for 3-4 years, then booked a flat right at launch price, 1Cr (gave the booking amt from saving) and now is paying every request from the salary. Builders generally requests step by step. Now the property is valued at 1.5 cr.
@SteveRogers I dont want to take too much loan, I want to arrange more than 50%of the money. but all my salary is going to rent and for other essentials.
But as per summer other posts on gv ready to move flat are far better in terms of the visibility.
People say that under construction ones are risky and you don't really know what you're getting into.
I have no suggestions. but i feel happy to know there are people like me. People in GV talk in crores, multiple RE investment, Share investment in American companies, felt like am living a BPL lifestyle.
Thank you @Tim_Cook . I feel your pain too.
How old are you? Why do you need to buy a house?
I am 28 now,I got married, and my next step is to buy the house as I am planning to stay for a longer period in the same place @TallTales69 .
If you can cover 30%+ of house value then take a loan and buy. If you can't, then renting is economically better than buying.
Just rent and buy a house when it's absolutely necessary. Talking as someone who invested in a property in 2015. Spent the last 7 years paying a lakh as EMI.
While I have a house now and get decent rental yield of 2.5-3%. If I had put the money into the market, the increase in capital would have easily paid for my rent and I would have had my principal free for investment whenever I was sure I found a good flat.
Also, what I needed from a house in 2015 vs now, 2024 are poles apart. So again, I would urge you to wait till you have a kid, figure out base city, a school, etc.
Moreover, not sure of your job too. Having a massive loan with not much job security can be scary. Hard to say fuck off to a lousy employer.
Look for projects around dwarka expressway in gurgaon. You won't regret later because the prices will rise like anything.
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