I am 24 years old, I save 15000/- per month. i don't have any saving till now because its blocked for long term. Can i get loan to buy 40 lac house without making any down payment And what will be the time duration of loan if i pay 15000/- EMI.
Re: Can i buy a house
by Ashwin Rath on Mar 18, 2009 05:41 PM Permalink
for a house worth 40L you need to pay up 15 % atleast as down payment. That works out to 6L. The remaining 34 L would have to be paid by Loan. For 34L loan, you need to pay around 34000 per month for the coming 20 years (assuming 8.5% interest). I donot think you are prepared.
