Plan for Plot & Home

POSTED BY PdmRgh ON August 23, 2013 9:16 pm COMMENTS (5)

We are a couple with a kid of 1.5 yrs. Income of 75K and Expense of 20k per month. No loans. Saving – 8 lakhs. For tax saving we have few ULIP and LIC endowment plans which together come to premium of 75k per annum. Medical insurance provided by the company we work for.
 We want to buy a plot in Bangalore and construct for self occupation/partially rent out. We have identified a B khata plot priced at Rs. 3000/sq.ft (as A khata plots are costlier). We will have to go for Plot loan of 28 lakh with an interest rate of 11-12%; our savings of 8 lakh would go as down payment. We have to bank with India bulls/DHFL as SBI and other banks do not finance B khata properties.
 We plan to sell a property in our native which might yield about 12-15 lakh & divert this as a down payment for our future homeloan for construction (in next 2-3 years)
Please let us know your thoughts on this plan and help to make it better and also safe.

5 replies on this article “Plan for Plot & Home”

  1. Dear PdmRgh, are you sure that chaging Job ‘ll not impact your residence? If you are so sure of your future, please go & purchase the plot & construct the house of your choice.

    thanks

    Ashal

  2. Dear PdmRgh, are you sure that for next 40-50 years, you ‘ll not move out from that house? “ll not change your job? ‘ll not change your city?………………..

    thanks

    Ashal

    1. PdmRgh says:

      We have no plans to move out of the city – though we could change jobs.

      Do you see any problem in the plan wrt affordibility – given our background? Pls elaborate.

      Thank you!

  3. PdmRgh says:

    Readily built property either in the form of independent building or apartment – we feel comes with a lot compromise – quality of construction, durability and actual ownership….etc.,
    so we thought buying a plot would be better way and constructing to our needs.

  4. Dear PdmRgh, why are you not purchasing a ready built property to save yourself from all the hasseles?

    thanks

    Ashal

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