Under pressure to buy home

POSTED BY Ramprasad ON May 16, 2013 9:12 am COMMENTS (5)

Hi all,

I am earning a good salary in IT industry. I have been investing around 20000 in MF.

I don’t have own house. My family is pressurising me to buy a home as my relatives, peers hav e own house. If I redeem all my money it will be around 15lakhs. I still have to go for home loan of 20 lakhs.

As IT industry is shaky and due to job insecurity, I am really afraid to take loan.

Please suggest me what decision I need to take.

Ram

5 replies on this article “Under pressure to buy home”

  1. bemoneyaware says:

    Parents are right in their own way, so can’t blame them. It’s true everyone is buying house just like everyone goes to school, everyone goes to college(engineering/medical), everyone gets married. Social pressure is always there.

    Advantage of buying house early is you will have a house (no renting , house hunting), be able to pay loan off early etc etc.
    Job security esp. in IT is not guaranteed but if you do well and are not in bottom 10% then it’s kind of safe.

    Question is why do you need a house? You need to list pros and cons..
    maybe you will shift your company,place of working , take wife’s inputs..etc and then decide why you should or should not buy a house. If not now then when.

  2. Family often declare statements like – “get a house” , often cut off from the financial situation . The best thing you can do is ask them to tell you from where to arrange the money and how it will be worked out incase things go wrong .

    At the same time, I think you can make a plan to buy a house in next 2-3 yrs and show your family the plan for it . Overall its a tough situation to deal with , all go through it 🙂

    Manish

    1. Ramprasad says:

      Thanks Ashal,Manish and Credexpert for suggestions.
      I will think over again.

      Ramprasad

  3. Credexpert says:

    Dear Ramprasad,

    Redeeming all your money for the Home loan would not be a good idea as setting some amount as a contingency fund is essential. Create a budget plan and analyse your monthly income against the expenses. Also consider your financial goals for the next 1-3 years. In all ways opt for a loan amount that would not impact your financial stability.

    Regards,
    Credexpert

  4. Dear Ramprasad, please do not budge from your position & keep on renting. Till you are not sure of your financial position & the house you want to purchase.

    Also prices are correcting now all over India. So that ‘ll be a positive to face the pressure.

    Thanks

    Ashal

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