Before buying a flat check affordability
According to financial advisors, people often buy a flat diving by the emotional force. Later the affordability become a constrain for them.
It is observed that people of medium range of income often opted for a flat and later they struggle to pay the EMI and the rent together.
These days it is common to see people searching for flat for sale and have exhausted their home loan eligibility and taken personal loan and also utilized all their savings.
After that due to higher interest rates of home loans, people are struggling to manage their daily living expenses.
The financial advisors always suggesting people to stay in rented house still they cannot afford to pay the EMIs and the rent together.
The advisors also suggested every individuals to restrict the EMIs to 50% of their income, exceeding which may create trouble for them in future.
More related stories:
2011 a year of highest home loan rates
Source : Economic Times
Apartments in India, buying an apartments, Housing loan, interest rates of home loans, loan affordability, Price of apartments
