Need your two cents ILites... really confused...

Discussion in 'Housing' started by amunique, Dec 28, 2011.

  1. amunique

    amunique Gold IL'ite

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    Hi...
    I have booked a flat 850 square feet (700 + common area) in selaiyur... just a few walks to the tambaram-velachery main road... cost is 3900 per square feet, now that i am getting less amount as bank loan... say 21l and remaining some 2-3l i am thinking of going for personal loan...

    second floor.. opposite is a terrace..though common... ground plus 2 floors...only one flat in second floor.

    am really confused and worried.. whether this is worth the investment because.... i am now living in a rented accomodation.. 9500k per month.same area. Also, we dont have any own house and all my relatives look at us as nothing since we dont even have own house.thats why i dint think much... i thought atleast i should have some respect in the house i go to(my in-laws).. in future...

    i am working... but not earning soo much... have my mother to take care of .. and father doesnt care about these things... or rather doesnt take care of us :( will be left with some 9-10k after this emi...

    am really worried... your suggestions pls...
     
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  2. brahan

    brahan Platinum IL'ite

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    This is my advice wrt your post:

    Buying a ground or a Flat is always an investment. Here are my two cents on it.....

    If is it is Flat make sure that you get a good Amount of UDS(Un Divided Share). Generally a good Builder would give 60-70 percent of the carpet Area as a UDS.Ultimately it is the UDS that is gonna serve you as a Long time Investment and Not the Actual Flat(Wrt chennai it is always the Land that has more Value than the Building).

    Just try to Mobilise Funds for the remaining Amount and make this Possible. Tambaram and the surrounding Area is some of the develioping Areas now...So as per me its really a good Investment.
     
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  3. divyasselvan

    divyasselvan Silver IL'ite

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    Hi amunique.. I am not sure if you are married or not. Please do not plan for any investments if you are not married yet. I mean if you think this is going to be a huge investment.

    If you are earning less and really in need to buy a house for the sake of owning it, please go for some cheaper ones, little far from city so that you might get it cheaper. Tambaram is right now a hot cake so please think about it again.

    also have someone with real estate experience with you before making the decision.
     
  4. amunique

    amunique Gold IL'ite

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    Thanks brahan...
    As per the UDS, he has shared it equally among the four.. 1/4 of a ground... and yes i am trying for the funds...

    Divya... thanks for your suggestions... i am not yet married.. think you dint read my post properly :( its not like i want to invest or something.. its just that i can have some respect in my in-laws house after marriage and if i had to come for my pregnancy etc.. we really dont know when we would be chucked out of a rental accomodation... thats why...
     
  5. divyasselvan

    divyasselvan Silver IL'ite

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    Not to discourage you, but after marriage I am not sure how much your in-laws or husband will allow u to pay EMI, is not a guarantee. Most of indian families expect your complete salary to them and not on paying for EMI or even to parents. This might be rude but this is the reality. They will always expect you to be debt free. Very very rarely only people allow this after marriage.

    Also it again depends on your career and your plans to continue the career after your marriage and when you are planning to marry. I don't know your age. So you have to calculate how much you can settle before marraige and how u will finish it after marriage and backup plans if you are not able to work (due to pregnancy etc. ). Please forecast all this before taking the decision.
     
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  6. Shanvy

    Shanvy IL Hall of Fame

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    aminique,

    there are two points that divya has talked about before buying a property.

    the repercussion of this decision, if things do not fall the way you planned.

    Coming to your having face in front of in-laws, i strongly believe that if the person likes you it should go beyond your qualifications, property, though i say this and also know that this is beyond the yardstick of today, i would say, it is not a necessity that you need to have a own home for a good alliance.

    all said, it is a good investment. like brahan says if you go for small size apartments, you would get a decent pricing, and a decent uds. 60-70% uds is something very very rare. i would be happy with 55-60 in today's scenario.

    Coming to your eligibility and loan, there is a rise in 1bhk's too..why not look at a 1bhk which will not pinch your pocket too much and also help you plan it better..in a worst scenario you can allow your mom to stay there and giving her a privacy and peace of mind for you. as a conservative player, i would say, do not stretch beyond your means, your emi should not eat up your feeling of financial security. even in the worst case, you should have a upper hand than your investment.

    Coming to the other terrace on the 2nd floor.. is that saleable?? sold to somebody separate or is it common. if you are not so comfortable about it owing to security aspect look at other projects around too..

    all the best.
     
  7. BhoomikaDhare

    BhoomikaDhare Silver IL'ite

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    Hi amunique,
    Are you planning to invest in that location only? Usually buying a property in a busy area might be costly. Why don't you try for a location quite away from city. You might get for lesser rate and you can save some money for other expenses.

    This is just my suggestion.
     
  8. amunique

    amunique Gold IL'ite

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    Thanks ILites... for your suggestions but even that 21 l loan is declined... even less 17l is the eligibility it seems.. am really worried.... am down... because i have already paid 20% with much struggle... no one to guide me ..

    I was able to give practical solutions to many others problems but not able to view clearly what is mine... am really worried now... thats why i am posting here.... dont know what to do now...
     
  9. Shanvy

    Shanvy IL Hall of Fame

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    Do not panic. you can sort it out. you could have buzzed somebody here before paying the booking amount dear.

    i can understand that stress and fear of losing out on what you feel is a good investment.

    ACtually you go and pay the booking amount after talking and discussing your eligiblity to get a loan.. i infact had a doubt when you said you will be left with 10k..because banks do have a net take home pay criteria, though many banks work around it, there are still some agents/banks where they advice you

    now do talk to the builder. get back your booking amount..i hope you have paid just 50k..that is normal in smaller projects and not more..maybe he will deduct a few thousands and give you..
     
  10. Shanvy

    Shanvy IL Hall of Fame

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    Aminique,

    oops i thought booking amount..later reread your post and found the 20%, the best you can do is go and ask for a 1bhk.. and tell him that you cannot afford this much..do not quote him the 17lacs..he will compromise somewhere to give you that, if he small builder..but many will return the amount.

    i still wonder why did you pay 20% before getting a green from your loan officer.
     

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