When I first thought about buying a villa in Hyderabad, I had my doubts. The idea of taking a personal loan or home loan of nearly 1 crore seemed huge, and honestly, I wasn't sure if it was the best choice. A villa is a major investment, and with a loan of that size, there are a lot of things to consider before making that big step.
What is Better for Buying a Villa, Home Loan or Personal Loan?
Let me tell you that a home loan is the best choice if you want to purchase a property. However, a personal loan is a fantastic choice if you require funding to achieve small objectives. Compared to personal loans, home loans often have longer terms and larger amounts. Here’s what you should consider while taking a huge home loan like this:
Income and EMI Ratio: Your monthly income should comfortably cover the EMI. For example, if your EMI is Rs. 1.5 lakh, your combined monthly income should ideally be around Rs. 3.75 lakh. This ensures you’re not stretching your finances too thin.
Ready-to-Move Villa: Make sure the villa is ready for immediate possession. You don’t want to be stuck paying EMIs for a property that’s still under construction, because banks don’t care about delays. If the project isn’t completed, you’ll still have to pay.
Job or Business Security: If you have a stable job, that’s great. But if you’re in a business, you’ll need to be sure it will stay strong for the next few years. The bank won’t care if you lose your job—they’ll still expect their payments.
Real Estate Market: The current real estate market isn’t the best for making money off your investment. Builders and agents might overvalue the property, and it might not be the best time for long-term growth.
My advice: If you’re set on living there and can handle all these factors, go ahead. But if you’re unsure, renting might be a better option. And remember, don’t take a personal loan for this. Go for a home loan from a reliable PSU or private bank for such a large amount.
Secure Low-Interest Rates Home Loans with Minimum Documentation Via NoBrokerAlso Read:
How Much Does Villa Cost in Hyderabad?
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
Is it wise to take almost 1 crore personal loan or home loan to buy a villa in Hyderabad?
donaldjones
180 Views
1 Answers
4 Year
2020-08-28T20:44:16+00:00 2020-12-15T18:50:30+00:00Comment
Share