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How to plan finances to buy a property in 2020?- Property Hotline
Posted
July 22, 2016
Views
60
July 22, 2016
60
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2:08
4:13Now PlayingBe Un Confused
Expert: Harsh Roongta, Chartered Accountant, and a SEBI registered Investment Advisor.
Question: I'm 31 years old. I have just begun setting aside money as savings. I want to buy a 2 BHK home in Ahmedabad or Pune or Bengaluru by 2020. How much should I be earning during this period so that I can get a loan with a tenure of 15-20 years? Also, how much savings should I have set aside for the same?
Answer: Assuming the cost of the property at present is Rs50 lakhs. The Future value of the property in 2020 will be Rs68 lakhs at 8% inflation. If Rs20 lakhs is the down payment required to be made at the time of purchase, you will require building this corpus over a period of 4 years by investing through a monthly SIP of Rs33,000 in a balanced fund at 11.60% rate of return. For the balance Rs48,00,000, you will get a loan at 9.50% for 20 years - EMI will be around Rs48,000 per month. Try to invest your money in mutual funds; try to save at least Rs30,000 a month so that you can be ready with our down payment in 4-5 years.
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