Have you closed your home loan ?
Have you taken your first home loan and closed it ? What age you achieved it and what motivated you ?
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Early 30s in 2019, DINK
Needed to buy to take care of spouse's mom and grand mom.
2cr new 3bhk - base+reg charges+ interiors
Down payment ~40% from investments, EPF. Almost completely drained out savings.
Post tax take home = approx 0.25x loan amount
Spouse lost job in 2020, me in 2022.
Though we luckily got jobs soon again with COVID hikes, the interim was scary.
Decided didn't want loan overhang.
Luckily investments did well post-covid due to lack of outing expenses.
Closed loan in 2023.
In 2026, which is 7 years from purchase, flat value is double. Yes, only 12% YoY return, but now not able to buy flat here.
It was a calculated buy, as it is a good location in East on OMR, metro, so connectivity to North, ORR and Whitefield.
Full greenery around due to govt housing.
Not many other similar large gated society in the area.
I appreciate your will . Congratulations
Brother, you cannot close a home loan so quickly if property in a metro city.
I am also thinking of taking home loan.