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Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

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Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

Last updated: September 7 2015
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  • #21

    #21

    Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

    Go for It

    Hi,

    Taking into consideration, your exhaustion from home search.

    Your personal choice which is changeable,

    Taking ur salary as one unit (HUF).

    40 % out go is sufficient to go for that flat.

    Even SBI will provide u loan with these figures.

    Now managing finances is ur collective headache.

    Cut down on expenditures - Trips to Kirti restaurant and other

    eating joints there. Smoking, other unnecessary expenses.

    Now inflation is not going to go more than this ( Int rate hikes),

    and ur salary will be up due increments, while PSU Home loan will

    more or less stay same. Calculate for 12 % int rates.

    U have safety parachutes so also for rainy day.

    Pay out any other loan out standing rather than home loan.

    The prices r going to be stable or upwards as Dhanori develops

    and comes fully in Pune alongwith Lohegaon.

    Another advice try Pratik Nagar, Kasturba Society and Kumar

    Sammruddhi. Also go for multi bldg society only, which u have

    already chosen.

    PS: After loan think one of u have lost ur salary for mind peace.

    Comment

    • #22

      #22

      Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

      Are you serious or sarcastic?

      Originally posted by Sansei View Post
      Hi,

      Taking into consideration, your exhaustion from home search.

      Your personal choice which is changeable,

      Taking ur salary as one unit (HUF).

      40 % out go is sufficient to go for that flat.

      Even SBI will provide u loan with these figures.

      Now managing finances is ur collective headache.

      Cut down on expenditures - Trips to Kirti restaurant and other

      eating joints there. Smoking, other unnecessary expenses.

      Now inflation is not going to go more than this ( Int rate hikes),

      and ur salary will be up due increments, while PSU Home loan will

      more or less stay same. Calculate for 12 % int rates.

      U have safety parachutes so also for rainy day.

      Pay out any other loan out standing rather than home loan.

      The prices r going to be stable or upwards as Dhanori develops

      and comes fully in Pune alongwith Lohegaon.

      Another advice try Pratik Nagar, Kasturba Society and Kumar

      Sammruddhi. Also go for multi bldg society only, which u have

      already chosen.

      PS: After loan think one of u have lost ur salary for mind peace.

      Comment

      • #23

        #23

        Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

        Originally posted by Dipti View Post
        Thanks Real. Yes I am considering BOB or Union Bank as a option for home loan big NO NO NO to ICICI. I am considering that home loan rates will be back to 2007-2008 levels before recession i.e. 10% for PSU banks. I have done EMI calculations considering 10% interest rate and then its going at 40% of take home salary.
        EMI being 40% of take home salary is Ok. You are the best judge of your financials. Consider below factors while doing your calculations:

        - Are you sure that your combined income is going to be the same? i.e. any one of you have no plans to take a break in next 15-20 yrs.
        - Do you have some emegancy cash left after making a down payment?
        - Plans for your children's education (if you already have) or plans to have children (if you do not have right now)
        - Do a calculation of your current monthly expenses against income and check if you can cut them down to afford this EMI? Do not keep aside the one time expenses like health insurance, personal insurance, taxes etc.
        - While projecting your financials, also consider society maintenance and property taxes too.

        Best of luck.

        Comment

        • #24

          #24

          Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

          Hi,

          Well if you have inherited funds then my suggestion would be to take loan from that fund. Consider that as a best investment of your inherited fund, which might be just lying in the bank without earning good interest. You will be getting 9 to 12 percent rate of interest (which of course you will be paying to the bank from which you take this loan). Just keep on paying EMIs to your inherited funds bank account.

          That would be the best scenario unless your inherited funds are earning you a better or same kind of returns.

          Thanks,

          Comment

          • #25

            #25

            Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

            Originally posted by Sansei View Post
            Hi,

            Taking into consideration, your exhaustion from home search.

            Your personal choice which is changeable,

            Taking ur salary as one unit (HUF).

            40 % out go is sufficient to go for that flat.

            Even SBI will provide u loan with these figures.

            Now managing finances is ur collective headache.

            Cut down on expenditures - Trips to Kirti restaurant and other

            eating joints there. Smoking, other unnecessary expenses.

            Now inflation is not going to go more than this ( Int rate hikes),

            and ur salary will be up due increments, while PSU Home loan will

            more or less stay same. Calculate for 12 % int rates.

            U have safety parachutes so also for rainy day.

            Pay out any other loan out standing rather than home loan.

            The prices r going to be stable or upwards as Dhanori develops

            and comes fully in Pune alongwith Lohegaon.

            Another advice try Pratik Nagar, Kasturba Society and Kumar

            Sammruddhi. Also go for multi bldg society only, which u have

            already chosen.

            PS: After loan think one of u have lost ur salary for mind peace.

            I had seens resale flat in Kumar Sammruddhi owner was quoting 35L for 950 sq. ft flat. So left that one. I will check for other mentioned societies with local broker.

            This home loan would be the first loan we are taking, no other loan taken.

            Comment

            • #26

              #26

              Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

              Dipti,

              To cut long story short, just ask this question to yourself:-

              Can you maintain the current lifestyle even after buying your house? If yes, go ahead, if not, you need to take second call.
              Just make sure you think on long horizon...seen cases where first time home buyers take loan as if they are taking car loan. While taking home loan, longer horizon needs to be seen & if you can afford a pre-closure in initial stages, then increase EMI & reduce tenure.

              * If your current expenses are like pubs, discos, smoking etc. then better to cut these first, good for savings as well as health
              If you are happy, you are successful.

              Comment

              • #27

                #27

                Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

                r u interested in uttam townscapes ? a friend is going there to negotiate rate over the weekend. You could potentially get 28-2900 and fit in your budget.

                Comment

                • #28

                  #28

                  Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

                  Originally posted by realacres View Post
                  Dipti,

                  To cut long story short, just ask this question to yourself:-

                  Can you maintain the current lifestyle even after buying your house? If yes, go ahead, if not, you need to take second call.
                  Just make sure you think on long horizon...seen cases where first time home buyers take loan as if they are taking car loan. While taking home loan, longer horizon needs to be seen & if you can afford a pre-closure in initial stages, then increase EMI & reduce tenure.

                  * If your current expenses are like pubs, discos, smoking etc. then better to cut these first, good for savings as well as health
                  Yeh Real,
                  Even after going for this much loan amount we can maintain our current lifestyle. Ours lifestyle is simple indian lifestyle. No pubs, disco, smoking, drinking, no late night weekend parties.

                  Regarding loan tenture, yes currently we are DINK couple, so if we go for this deal will be paying more EMI initially. As well we are taking into consideration increase in home loan rates during this tenture and doing calculations taking avg interest rate as 12%.

                  Thanks real, all members for all your suggestions, really appriciate your help. We are still evaluating our options, lets see.

                  Comment

                  • #29

                    #29

                    Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

                    Originally posted by rendezvous View Post
                    r u interested in uttam townscapes ? a friend is going there to negotiate rate over the weekend. You could potentially get 28-2900 and fit in your budget.
                    Sorry rendezvous,
                    We are not interested in Uttam Townscapes.

                    Comment

                    • #30

                      #30

                      Re : Need Inputs to Solve My Dilemma - Tirupati Campus, Vishantwadi, Pune

                      Dipti,

                      You said that the project is ready poss but the builder hasn't received the OC as yet. Then why not book today & make the agreement once OC is received by the builder? This way you can save ST of 2.575%. Ofcourse, the duration between booking & agreement should not be more than a month.
                      If you are happy, you are successful.

                      Comment

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