As per my view, we buy home once and its a long term thing also. I am confused between these two..
- 2 bhk flat in Electronic city, 80k emi per month (40% of my income) , Resale property
- 2.5 bhk flat in Whitefield ,1 lakh emi per month (50% of my income) , Possesion date 2028-29, so 1 lakh + 35k rent will be there till possesion
Both emi for 25 years and I am confortable with 1 lakh emi, now some pros and cons for both
2 bhk flat, I'll be more relaxed and can finish my emi early also
2.5 bhk flat, as we buy home for long term, it will be good for after 7-8 years and if we have any gathering, any relatives will come and when our kids will be older, it will be useful. But in this case, for 2-3 years I need to pay 35k rent also with emi till possesion.
What's your point of view on this, I have term/health insurance and some emergency fund ready with me.