should i buy a 2.5 cr flat?

[fred2015]

@golfnut1913 what you said about delhi is Bang on. It has become unlivable now. gurgaon Noida is better.

 

[golfnut1913]

@fred2015 same shit tbh. pollution n other things all exist.

 

[fred2015]

@golfnut1913 But less congestion and traffic. nice societies with amenities.

 

[sincerelykelsay]

@hallie4 Just hang in there, keep investing agressively, let your money grow, and have a peaceful sleep at night… life is short man, you don’t need to prove to anyone that you ‘own’ a house. Roti, kapda, makaan right… you don’t need to grow your own food to eat or need to sew your own clothes… similarly, let someone else buy this heavy burden of a house and you have fun just paying peanuts rent, that i think will let you enjoy other awesome aspects of your life, like spending on your hobbies, interests, vacations, charity, etc.

 

[jt5542002]

@hallie4 Depends on how sustainable your job is. If you're sure you'll be getting 5.2 lacs per month for next twenty years, then go ahead.

 

[hallie4]

@jt5542002 thanks. I'm just worried that it would end up being a financial goof up. I'm not sure what kind of flats people in my position purchase, or who are the people who buy 2.5 cr flats

 

[woofiedog]

@hallie4 OP, I recently bought a flat for 3.6 crores with 3 cr loan the and my total income must be a bit less than the combined income you and your wife make. I don’t think affordability is an issue. Your EMI should come out to be 1.5 lakhs pm for 30 years and you can get tax benefit of around 12 or 13k. So your net outflow is not more than 1.6 lakhs pm. That’s not a lot at all.

The biggest problems I have with buying the house are the following.

1. You miss out on HRA. It can be substantial given both of you will be missing out on HRA. There can be work arounds to this, but it’s not easy.
2. It ties you down to a city and a locality. Once you furnish the house to your liking and everything, you wouldn’t want to move to another place. This has been my biggest issue, because I need think really hard when it comes to switching jobs.

 

[jt5542002]

@hallie4

who are the people who buy 2.5 cr flats

Mostly who already have 5 flats and buy flats for investment.

 

[caseyanne2]

@jt5542002 This is entry level for a 3 BHK from a branded builder in Bangalore.

 

[betsy789]

@caseyanne2 2.5 Cr for a bathroom in Malabar Hills, Mumbai

 

[sweetspirit01]

@betsy789 Lol

 

[resjudicata]

@hallie4 In my office and many govt jobs people get 20 yr loans at 5-6 percent simple interest. 80 percent have flats in Mumbai

 

[cwngfd]

@hallie4 Buy a shopping complex instead.

Live on a luzxury fully furnished flat.

Claim deductions.

Move on.

Be free.

If you buy a flat, you get struck.

God knows what opportunity one might get in the coming years!

This is my opinion. Rest, it depends on your personal and family requirements.

Make assets that give you regular income and leverage rent.

Thanks, bye.

 

[gospelknight]

@hallie4 I was in a very similar situation. Working from home and renting a big house. The land lady wanted to sell it for 2.5 cr, which was beyond my budget at the time. I took the plunge and never been happier. Sure, first year is difficult. You have much much better financials than i had at the time.
While taking a home loan, do dm me, or check out BOB's home loan advantage savings account. And bring the interest rate down till 8.5. Trust me, they will come low. Still 1.5 cr home loan pending for me, but things are better now.
What area in Delhi are you looking at? I used to stay in GK2 and absolutely loved south delhi.

 

[delightintheway]

@gospelknight Did you get rights on the land? Whole house or a builder floor?

 

[golfnut1913]

@delightintheway land rights in delhi in that area is prolly close to 10 cr.

 

[delightintheway]

@golfnut1913 True. Maybe even more.

 

[gospelknight]

@delightintheway I am in a tier two city. House construction is 40 years old, i got it repaired after purchase. Will demolish and rebuild after 5 years. 2.5 cr was just cost of land.

 

[delightintheway]

@gospelknight Yeah...I thought you bought in GK.

 

[gospelknight]

@delightintheway Builder floor there is about 6 cr