About me: I am 32 Years old, have 9 Lacs saving overall, Take home salary is 66K PM, Currently Pay 16.5 pm as rent, don’t save much due to my way of living but can stop being moron and save 15K/20K PM I believe, Married and wife is housewife have a son who is 6 months old.


My affordability: I believe I can get loan of maximum 38 Lacs so the all inclusive should be under 46 Lacs.


Home Work Done: I had worked upon Unitech The residences but seems they won’t deliver it lesser than 5 years and unfortunately/fortunately I got duped by PropTiger in the deal and deal never happened, so NO for The residences now.
RG Residency costing me 47 Lacs all inclusive 1154 (2BHK 1154 sqft) the possession date they are offering is March 2014 +/- 3 Months but issues are: 1) They are new in residential so unsure what will come out for such a huge project (12 towers, 24 Floor each in 12.5 Acres) which is the first residential project of the builder. 2) I will be liable of 29 Lacs loan in flat 60 days.

Please Help: Now looking at my details, could you please advise if this is right time for me to buy a flat and what could be the options my budget allows or I should keep living on rent for a couple of years further and gather more DP part.
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  • Bro .. the only issue that I see in ur profile is that ur in hand salary is 66K and you can save just 15-20K..
    How will you afford a home loan of 39-40 L then ?

    You EMI wil be approx 40K for a loan of 40L for 20yrs ...
    Il recomend you to go for a flat may be in CR or RE where you can get a flat of upto 25-30L 2/3BHK

    Originally Posted by homelessness
    About me: I am 32 Years old, have 9 Lacs saving overall, Take home salary is 66K PM, Currently Pay 16.5 pm as rent, don’t save much due to my way of living but can stop being moron and save 15K/20K PM I believe, Married and wife is housewife have a son who is 6 months old.


    My affordability: I believe I can get loan of maximum 38 Lacs so the all inclusive should be under 46 Lacs.


    Home Work Done: I had worked upon Unitech The residences but seems they won’t deliver it lesser than 5 years and unfortunately/fortunately I got duped by PropTiger in the deal and deal never happened, so NO for The residences now.
    RG Residency costing me 47 Lacs all inclusive 1154 (2BHK 1154 sqft) the possession date they are offering is March 2014 +/- 3 Months but issues are: 1) They are new in residential so unsure what will come out for such a huge project (12 towers, 24 Floor each in 12.5 Acres) which is the first residential project of the builder. 2) I will be liable of 29 Lacs loan in flat 60 days.

    Please Help: Now looking at my details, could you please advise if this is right time for me to buy a flat and what could be the options my budget allows or I should keep living on rent for a couple of years further and gather more DP part.
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  • if i may ask, where do you work?? and why aren't you evaluating Noida EW location coz i seriously feel thats Noida's future....most of the jobs are going to be on the Expressway in future...
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  • Originally Posted by prakashjh24
    if i may ask, where do you work?? and why aren't you evaluating Noida EW location coz i seriously feel thats Noida's future....most of the jobs are going to be on the Expressway in future...


    Expressway in 15-20 thousand EMI is nothing. You will not even get a 1 BR. By the way what is the problem with Sec 7xxxx. With new road connectivity to E Way via Dadri road, these sectors are going to catch up with E way rates. I will suggest go with some good project in sec 7xxxx
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  • Homelessness: I really don't think that it would make any sense going for such a costly house right now. You simply cannot afford it.
    Your child is 6 months old but soon he will be joining a play school and then a school which will suck a lot of money out of you. Plus - with a 38 lakh loan you are looking at an EMI of 40k. I really doubt which bank will approve so much loan. An EMI of 40k means you are left with only 26k per month -- hardly any savings!
    Please dont base your calculations on "perceived" hikes in salary. Salary hikes nowadays barely manage to beat inflation.
    I would seriously suggest a ready to move in flat in CR/RNE or in NE -- all of which will mean taking a loan of about 15-17 lakhs- Something you can easily afford to pay and take care of your family.
    Also, any upward price movement in RE will be taken care of by the appreciation in your flats value.
    Best of luck!

    9 lakhs is decent saving: Even an FD of the same will give decent returns.
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  • you may find couple of decent projects near Sec 150...also you may consider subvention although it may not be the best option...

    personally, i recommend to stretch your budget a bit and cut down avoidable cost just to be able to afford a decent property...Even I did the same abt 7-8 yrs back and today it seems to be the right decision...I have traveled extensively for almost 7-8 yrs and used to survive on my allowances and used to save my salary to invest in Real estate...you will personally need to draw up your family expenses and avoidable/ luxury spendings which could be diverted to your flat cost...

    best of luck!!
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  • Thanks for the reply i received so far, Mikhail suggestion is what i find very appropriate.
    Okay lemme share a couple of other things: I can add 4K PM as my allowances and i can save 4K PM more by relocating to another rental flat which I already have seen so total saving can reach up to 28K PM.
    So if I am advised to see some not so expensive areas then which will be better GN, CR or RE considering my job will mostly be in Noida and my hometown is Agra.
    Also what about some easy money by investing in plots in Agra for very short term say 8 to 10 month and then buying a flat in Noida with larger DP part?
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  • Homelessness- I would never suggest you to go for Plot investement, Infact keep your self away from investement, Investement comes when you have surplus of money, It comes into picture when you have one property in your hand....
    Bro in your case, I would suggest look for 1 or 2BHk RTM flat which should be close to your office(If you are not using Office or public transport) and dnt forget to add your wife as partner in that property where you can save both HR and home loan....

    Pehle rehne ko final karo investement is secondary option, Paying 16K rent is big amount... I would suggest go for 1 BHK flat....
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  • Go for RTM 2BHK flat in Greater Noida/RNE...place where all amenities are there..you will be surprised, in the end, everything works out. Your expense will automatically come down with EMI.With wife and kid,don't even think of 1 BHK
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  • Continue saving..and then you can move "up" after 2-3 years with better downpayment with sale of your flat+savings
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  • Originally Posted by homelessness
    About me: I am 32 Years old, have 9 Lacs saving overall, Take home salary is 66K PM, Currently Pay 16.5 pm as rent, don’t save much due to my way of living but can stop being moron and save 15K/20K PM I believe, Married and wife is housewife have a son who is 6 months old.


    My affordability: I believe I can get loan of maximum 38 Lacs so the all inclusive should be under 46 Lacs.


    Home Work Done: I had worked upon Unitech The residences but seems they won’t deliver it lesser than 5 years and unfortunately/fortunately I got duped by PropTiger in the deal and deal never happened, so NO for The residences now.
    RG Residency costing me 47 Lacs all inclusive 1154 (2BHK 1154 sqft) the possession date they are offering is March 2014 +/- 3 Months but issues are: 1) They are new in residential so unsure what will come out for such a huge project (12 towers, 24 Floor each in 12.5 Acres) which is the first residential project of the builder. 2) I will be liable of 29 Lacs loan in flat 60 days.

    Please Help: Now looking at my details, could you please advise if this is right time for me to buy a flat and what could be the options my budget allows or I should keep living on rent for a couple of years further and gather more DP part.

    With all d details u mentioned above , an RTM flat shd be ok for u as if now ...

    Y I am saying this is that this wud atleast save the 16.5K rent which u r paying as if now and the only burden wud be the EMI ...

    Dnt aim for a bigger flat as if now cz u have a small family, so I wud suggest to look for a smaller 2 BHK at Indrapuram or Vasundra ... a builder flat with some research can be taken at 45-47 L all inclusive .. more likely Vasundra

    When u have ur salary hike in future, sell it out with some premium and buy an RTM at Noida cz rates of these flats not gonna increase forever... there will be a saturation point Bruv
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  • Originally Posted by homelessness
    Thanks for the reply i received so far, Mikhail suggestion is what i find very appropriate.
    Okay lemme share a couple of other things: I can add 4K PM as my allowances and i can save 4K PM more by relocating to another rental flat which I already have seen so total saving can reach up to 28K PM.
    So if I am advised to see some not so expensive areas then which will be better GN, CR or RE considering my job will mostly be in Noida and my hometown is Agra.
    Also what about some easy money by investing in plots in Agra for very short term say 8 to 10 month and then buying a flat in Noida with larger DP part?


    Brother - dont get misguided by few people on this forum...Theres no shortcut to making quick money...i might fear investing in agra in a piece of land might just wipe off your entire hard earned savings....you might not be able to even find a buyer later on! these piece of lands are not liquid at all...these are just dreams and particularly meant for big pocket and strong hearted investors..

    better a bird in hand than two in bush,,,,

    Invest wisely!!
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  • Also U will save around 4-5 K of income tax by moving to your own house..

    Originally Posted by homelessness
    Thanks for the reply i received so far, Mikhail suggestion is what i find very appropriate.
    Okay lemme share a couple of other things: I can add 4K PM as my allowances and i can save 4K PM more by relocating to another rental flat which I already have seen so total saving can reach up to 28K PM.
    So if I am advised to see some not so expensive areas then which will be better GN, CR or RE considering my job will mostly be in Noida and my hometown is Agra.
    Also what about some easy money by investing in plots in Agra for very short term say 8 to 10 month and then buying a flat in Noida with larger DP part?
    CommentQuote
  • Agree with Prakash Ji & Kaushal

    Look for an RTM.. pick up a smaller unit ... but at a location where u can easily go for a resale later
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  • Infact I forgot... U can also consider RNE ... Some good project by reading a thread on on this one

    it wl b in ur budget without a doubt and area is also developing well
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  • First of all, I believe that most under-construction flats in Delhi NCR and plots in 3rd tier cities such as Agra are meant for speculators only. End users with limited savings should just stay away from them.

    If you are feeling lucky then buy a lottery ticket instead. If anyone is still having doubts then head over to Gurgaon forum on IREF and see the threads started by folks who invested in Unitech's under-construction projects and are now paying both rent as well as EMIs and none is sure if and when the projects they invested in will be completed.

    A wise man learns by the mistakes of others but a fool by his own.

    My suggestion to OP will be to buy something RTM and avoid paying both rent as well as EMIs simultaneously. Buy a RTM 1BHK if that is all you can afford today. At least the money that is being wasted on rent will go towards EMIs and EMI amount will be smaller and manageable. Then one can continue to save for next 3 years or so and upgrade by selling the 1BHK plus by adding in additional savings.

    Are there any RTM 1BHK flats in IP or RNE or even in Noida that can fit in the budget? This is worth looking at closely.

    As someone said on this forum, buying your dream home doesn't have to be a one-step process, it may involve two or more steps but you can eventually get there...
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