My wife and I earn close to ₹2 lakh a month. We live on rent ( ₹30,000) and our expenses are ₹90,000. We are planning to buy a two-bedroom apartment for ₹65 lakh in a project adjacent to our apartment and will get the possession in three years. We don’t have any investments but plan to start a recurring deposit of ₹70,000 to prepay the loan when the EMIs start. Is it a good idea?
—M.V. Raghav
As you are currently staying in a rented premise and don’t own a house, you can consider buying the house for your own residential usage. And surely you have an advantage in buying the proposed apartment as it is adjacent to your existing property and hence you will be able to move in with immediate effect once you get the possession without much disturbance to lifestyle.
