Help my known (f), about Buying a house with your wise advice

[piershill]

@fesh Even if she saves for 1-2 years, the prices will go up at a better rate than her savings. She has down payment of approx 60% of the cost. She will get home loan from top private banks at cheap ROI. DO NOT GO TO NBFCs.

She should also start saving money separately till she has a backup of around 6 months of expenses. Or she can tell bank she will pay 50% and needs loan for 50%. But liquidity is paramount, especially in her case.

All the best to her.

 

[keepupwiththetruth]

@fesh Don't listen to people here. Do not delay the buying. Tell her to buy it immediately if it satisfies her. Whatever she saves will be less than the price rise due to demand in a year or two. She will be saving rent costs of 6k too to pay off the home loan. Take as much money as she can from relatives and friends with zero interest. Look for govt schemes for home loan as well.

 

[nnamaries]

@fesh With such uncertainty around income, the money she has should be saved for emergencies. It makes more sense to continue living on rent for the time being. Save, invest and buy a house in next 20 years.

 

[kudot]

@fesh Buy asap.

 

[gentlegiantami]

@fesh Don’t buy a house, stay in rental and invest most of her money by cost averaging and invest 2% of her savings into SENSEX every month. Rental are generally better as it would take a long time for her recover the money she invest in the property.

 

[jod4711]

@fesh Stories like this make me cry. But strength be with her!