I have an annual income of approx 15 lakhs and living in city on a rented house. I invest monthly 2000 in SIP and 10000 in gold. I invest in a term insurance policy of 1.5 Lakhs per year. I have a house in my native village and Should I buy a house on loan in city I live as I dont know that i will be living here for long or not?
Taking home loan for buying house
- Thread starter Babba
- Start date
BHAVESHKESWANI
KF Expert
yes you can go for loan option as your income is sufficient for bankers criteria. just keep one thing in mind, select EMI amount of loan quotation not more than 20% of your monthly salary. Nationalised banks like SBI will give you better Rates.. Increase amount of SIP and redeem it equal to EMI per year and pay extra EMI yearly to finish the loan amount early.
ahesartamboli
KF Ace
Yes you can avail , u can include one more person like wife/parents to 2nd borrower to get maximum loan amt
uidurimaron
KF Rookie
I think it's crucial to weigh the benefits of owning a home in terms of stability and potential appreciation against the uncertainties of how long you'll stay in the city. Using a home loan calculator can provide insights into affordability and repayment schedules, helping you make an informed decision. Your investments in SIPs and gold, along with a term insurance policy, reflect a disciplined approach to finances, which is advantageous when planning for a major purchase like a house. If you feel confident about your job stability and future plans in the city, it could be a prudent step to invest in property.
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