I have been investing to buy a house. Earlier, it was a long-term goal. But I have started realising its need and want to buy it as early as possible. What should be the strategy?
The ideal strategy would be to make as much down payment so that the EMI of your loan does not exceed one-third of your monthly income. And buy a house where you can immediately shift and live to save on the rent. If you are able to meet both these conditions, go ahead and buy the house. However, if you are unable to meet these conditions, continue to live on rent till the time you are able to meet them. Paying more than one-third of your monthly income towards the repayment of the loan may stress you financially. And there is no point in buying a home where you can't live or if it is only a promise. It is important to buy one house where you can actually live. So, just look for the above-mentioned points and take your decision.