Are you planning to buy a house? If yes it is good. The biggest reason for the decision to buy a house is that it fulfills two major motives. First, the dream of your own home is fulfilled. Second, the house you are buying today can cost several times after 10-15. So buying a house is a big investment, which gives good returns in the long term.
Conditions in the job market have changed
Conditions in the job market have changed in the last few years. The number of government jobs has decreased and the number of private jobs has increased. There is no job security in a private job. The question is that if you do a private job, it would be right for you to buy a house or it will be beneficial to stay in a rented house?
Job security has decreased
Experts say that the way the job market has changed in the last 10-15 years, people’s thinking has also changed. Today the professionals are getting good money in private jobs. However, the job security is low. People have also increased the trend of leaving one job and joining another job. Money increases in this, but there is also risk. Many times the atmosphere of work in a new job is not good. Many times after joining the job, such things are revealed, which are not known before.
Home loan is long -term
Buying a house by taking a home loan is a decision that needs to be taken properly. The reason for this is that the home loan is a long -term loan. It is usually 15–20 years old. This means that a person taking a home loan will have to maintain discipline in repaying the EMI of home loan for 15-20 years. During this time, if a person’s income stops due to missing job or any other reason, then it can be difficult to repay EMI.
If you have surplus income, you can take home loan
Financial Advisor says that if you do private jobs and your income is not much from your expense, then the decision to buy a house can be risky for you. If your income is much higher than expenses, then you can create such a big reserve fund, which will be sufficient for your necessary expenses and EMI for several months if the income is closed for some reason. The situation will become normal when the income starts again.
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Stay on rent and invest from SIP every month
If you are not very secure about your income, then it will be better for you to stay in a rented house. This will be much less than the EMI of home loan. Then you can invest in the equity scheme of a large amount of mutual funds every month. Every year you can increase the SIP amount if there is an increase in the job. This will make a large fund with you in the long period i.e. 15-20. This money will be enough to meet your financial needs. In this way, there will be no danger of defaulting on loan during the job.