Naveen and Neha are perfect match and an understanding couple. Naveen has a plan for everything in life. Neha is a cheerful and practical woman. Both of them discuss and get things done. So what made their ways apart? I should tell this.
Let's see how it works.
Neha wants to visit a good restaurant and have nice food. Naveen says 'no'.
Neha wants to get away from her daily schedule and go for a vacation. Naveen says 'no'.
Neha's birthday time!!, Naveen got a card for her. She is happy after all he had given her a card atleast.
Finally, Neha asks Naveen. "We earn well. We can spend though not for a luxurious life but for a relaxing and comfortable life. But why do you always say 'no' for anything that makes me feel happy?"
Naveen now opens up. He has a dream house and he wants to buy it.
So what is he doing? Yes. Saving saving saving.
Saving, forgoing the comforts and the feel good factors too??
Yes. He wants to save not just for the down payment of the home, but for the whole value of the property. So how does he save?
Age : 26 years
Salary : Rs.40,000
Expenditure : Rs.15,000
Savings : Rs.25,000
His dream home value ; Rs. 40 lakhs.
On an average per year he saves : Rs. 3 lakhs
No. of years he should save : 14 years.
In the mean time the property's value increases which means he has to save even he reaches his limit. Ofcourse, his salary increases and he can save more. If you observe in the example, he saves more than half of his salary. Without even fulfilling smallest of his desires. When will he explore life if not at the age of 20s and 30s.
So, Neha asks him to go for a home loan. He rejects. She tries to explain.
So, is it that you should not go for saving at all if you buy a home? No, save for the down payment and for the rest go for a home loan.
Let's see how it works.
Age : 26 years
Salary : Rs. 40,000
Expenditure : Rs. 18,000
Savings : Rs. 22,000
His dream home value : Rs. 40 Lakhs
No.of years he saved : 2 years
Amount saved : Rs. 8 lakhs. (used for down payment)
Home loan amount : Rs. 32 Lakhs
Salary after 2 years : Rs. 60,000
EMI Fixed : Rs. 32,000
Now, at the age of 28 years, he is enjoying in his own dream home. Since, EMI is fixed, he need not think of saving for a home when his salary increases. He can invest in somehting else, where he gets more returns.
Is that the end? No, you can, rather have to, monitor your loan. This helps you to put an end to your home loan faster.
Experts help will always work. So, seek help to pay your home loan faster.
Ohh!! the love story above!! They didn't breakup :-) Naveen understood Neha's ideas and followed her. They lived happily ever after in their own home. ;-)
How can you have a break up if you listen to her? ;-)
No comments:
Post a Comment