Post
Personal Finance
5mo
a software developer
High EMIs: Is It a Smart Move?
I'm thinking of buying a 2BHK in Mumbai, but the prices are sky-high! I'm looking at flats that are a bit small, but they're still going for around 2-2.4 crores.
Since I don't have that much saved up, I'm planning to take out a loan of at least 1.5 crores. Combined with the EMIs I'm already paying for another house, my total monthly EMIs would be around 45% of my and my wife's combined salary.
Do you think this is a good idea? I'm worried about having enough liquidity in case of an emergency. My wife does have some money invested in shares, though.
Any advice would be appreciated!
gemsbond
5mo
works at
To be honest if you want to live in Mumbai you don’t get any other option. You have to do it. That’s how it is and how it will be going ahead.
importantscorpion
5mo
works at
Your salary will increase over 20 years and you, like everyone else (there is data to support this), pay off the loan in 7-8 years due to salary hikes.
However, you don't have enough assets to justify two EMIs.
There is not... see more
a sales executive
5mo
Unless you intend to settle down in Mumbai for the rest of your life (20+ years), it does not make any sense to buy property in Mumbai.
Should ideally rent out in Mumbai and buy in your hometown/planned retirement town.
a software developer
author
5mo
[a sales executive](username) I am from Mumbai and living in a small house. Plan to stay here only.
sleekchapati
5mo
A Team Lead
This is the very definition of overcommitment and getting screwed over royally.
Don’t be greedy and think rationally, if one of you are fired or unfit to work it’s game over for you.
a sales executive
5mo
user 2
Look at it this way, have you ever thought how are you gonna pay if you don’t have a job at all. With no savings keeping you afloat as you spend 45% of your current income on EMIs?
If you’ve a good answer... see more
widemermaid
5mo
A Senior Software Engineer
Buying in Mumbai is a woefully unfortunate choice / option for most ppl. if you can avoid it, avoid it. rent at a reasonably good place and buy a house somewhere else.
Only Mumbai folks will bang thali about this shit hosiery of a city to no en... see more
an operations executive
5mo
Is spending 45% of your salary on EMI's a bad idea?
We can't say for sure unless we know your salary, savings and assets. I made some assumptions below:
A loan of 1.5 Cr would have an... see more
a software developer
author
5mo
[an operations executive](username) Near perfect calculation
crunchytikka
5mo
works at
Factor in a random layoff , Your whole equation changes. Question is the answer.
a software developer
author
5mo
[crunchytikka](username) So what is the solution to buy a home? Save the entire cost of house?
an operations executive
5mo
user 2
High monthly EMIs might be risky, especially if you have other financial commitments. Have you considered consulting with a financial advisor to assess your affordability and explore alternative housing options ?
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