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trueindian25 · 16-02-10

Hello,

I am happy to find this forum and I would really appreciate any inputs.

I am looking to buy Residential property in Borivali. We recently shortlisted a bunglow near Gorai. It requires a lot of renovation (apprx cost of Renovation: 50 lacs)

the only good point is that it has 5 Bedrooms and is a large property (compared to Mumbai standards). The owner is willing to sell it for 1.75 Crore... Crazy price for sure..... We can afford 70 lacs on our own but we would still need to take a loan for a crore... We already have a flat in Yogi Nagar but selling it is a last option.

1) Do you think, its a wise decision to take a loan for 1 crore? It would require us to pay an EMI of 1 lakh, which we are sure we can manage for next 2 years (still I am in US) but not sure after that.... since it depends on job I get in India... though my dad has a steady income too...

2) Do you guys expect residential property prices to come down any time soon?

3) How is the resale value of such bunglows compared to apartments in high rises?

4) Home loans are set to increase after April 1st,... Would that affect home prices in any way? Or will we end up missing the boat?

16-02-10	#1
trueindian25 New Member Join Date: Feb 2010 Posts: 12 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	Bunglow in Charkop. Please suggest. Hello, I am happy to find this forum and I would really appreciate any inputs. I am looking to buy Residential property in Borivali. We recently shortlisted a bunglow near Gorai. It requires a lot of renovation (apprx cost of Renovation: 50 lacs) the only good point is that it has 5 Bedrooms and is a large property (compared to Mumbai standards). The owner is willing to sell it for 1.75 Crore... Crazy price for sure..... We can afford 70 lacs on our own but we would still need to take a loan for a crore... We already have a flat in Yogi Nagar but selling it is a last option. 1) Do you think, its a wise decision to take a loan for 1 crore? It would require us to pay an EMI of 1 lakh, which we are sure we can manage for next 2 years (still I am in US) but not sure after that.... since it depends on job I get in India... though my dad has a steady income too... 2) Do you guys expect residential property prices to come down any time soon? 3) How is the resale value of such bunglows compared to apartments in high rises? 4) Home loans are set to increase after April 1st,... Would that affect home prices in any way? Or will we end up missing the boat?