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Originally Posted by trueindian25
Thank you very much for detailed reply.... hehe abt Tata housing prive in lonavala.... well, that is way out of budget and I can only buy that if I win a lottery...
My concern is housing prices coming down over the next 6 months... though sometime i feel its not possible given the increase in inflation every other month.... Its more like a gamble but I still feel that over the long time, it will even out....
The only backup we can have is sell our existing home in Yogi Nagar, if repaying the loan becomes very difficult... It can be valued at around 70-80 lakhs... but we would want to sell it only in worst case.... too many memories involved with that house  |
Couple of things in your favour:
1. You are buying a bungalow, the value of the plot is the real clincher here.
2. You have an existing apartment, value of which is about 80% of the loan you seek
Couple of things you can consider:
1. Loan against property. Trouble is, they will give you only 60-70% of existing value, which is well below your requirement.
2. Renting your existing apartment, this could go a long way in reducing your monthly EMI load.
If Rs 100,000 is less than 40% of our average monthly income, then you could technically afford it. If it's closer to 50% or more, then you should have a chat with yourself.