💰The cost of your house should not exceed five times your annual income, and your loan tenure should not exceed 20 years.
🔍Perform due diligence and check RERA disclosures before finalizing a house property.
🏢Consider buying a ready-to-move-in property to avoid delays and double cash outflow.
📈Owning a house can provide capital appreciation and the opportunity to build equity.
🏘️Qualitative factors like emotional security and freedom from landlord hassles should also be considered.
What is the recommended budget for a house purchase?
—The cost of your house should not exceed five times your annual income.
Should I buy a ready-to-move-in property or an under-construction property?
—It's recommended to buy a ready-to-move-in property to avoid delays and double cash outflow.
What are the advantages of taking a home loan?
—Home loans offer tax benefits, legal security, and encourage financial discipline.
How does owning a house contribute to equity and asset building?
—As you repay your home loan, you increase your equity and build an additional asset.
What are the qualitative factors to consider when buying a house?
—Qualitative factors include emotional security, capital appreciation, and freedom from landlord hassles.
01:32The cost of your house should not exceed five times your annual income.
06:25Consider a fixed-rate home loan with a tenure of 20 years.
07:56Increase your EMI or make additional payments to repay the loan faster.
13:48Take advantage of tax benefits and legal security offered by home loans.
15:37Evaluate qualitative factors like emotional security and freedom from landlord hassles.
