home loan
My salary is 35000 per month and i am planing to buy a house on loan
My age is 26 years
Is it ok to take home loan or not
Please advice more
My age is 26 years
Is it ok to take home loan or not
Please advice more
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Dear Mitul, Absolutely not advisable in current market scenario and considering your expense ratio. We always advice SIP in mutual funds of the same EMI amount. I'll explain you through calculations. 1) IF YOU TAKE LOAN @10% Consider Loan amount 30 Lacs. Tenure 15 years. Monthly EMI 32,238. So in the tenure of 15 years total amount paid with interest was 58 Lacs. 2) IF YOU DO SIP (Systematic Investment Planning). Investment amount 32,238/month Tenure 15 years. Returns in 15 years = 6.08 CRORES This are not assumptions. You can check reliance growth fund returns to verify. (Year 2000 - 2015). Regards, Ninad Padwal 09870095782 more
Jun 20
In the present circumstances it is not prudent to take a home loan for the following reasons: The rate of interest on home loans is about 7% higher than the rent for the house. The property prices are stagnant and are not appreciating by 7% per year. The current supply position in property market does not indicate any significant appreciation in housing prices for the next five years. more
Jun 20
I fel that you may avail home lone and build the house. Purchase land from your cash available. Money value decreases but land value increases. more
Jun 20
This is basically a citizens forum, where, say, Mr Goel provides advice based on his personal experience, or expresses his opinion. I think Mr Ravindran cannot take the liberty of telling anyone to keep mum. Being a Home Loan advisor does not make him an authority on the subject, nor does he have any authority to order people. He is welcome to opine on the subject, no further please. more
Jun 20
Mr Ravindran Urathpalliyalli before making any comment first go through all the comments posted here then comment or advice. First of all go through my first comment then comment further. You are a home loan advisor or say an agent of banks for home loans. You are saying that banks make steps to recover their dues. Banks have so much powers and bind the borrower from each corner before disbursing loans even they have to make steps for recovery that's why I said that consult with your spouse as she manages all house hold matters from income to expenses and knows very well that from where she can make extra savings and how much she can save for repaying the installments of housing loans. Again I am saying that taking any type of loan or borrowing is a personal matter as the person knows his condition much batter than the so called advisors or consultants. An agent or advisor whether of bank loans or insurance policies always tries to convince the borrower for his personal interest of commission not in the interest of borrower by verifying his borrowing capacities or premium paying capacities. So a person should take his own decision in such matters. more
Jun 20
