When Should You Buy Your First House? | CA Rachana Ranade

"the cost of your house should not be more than five times of your annual income right. ... if you are taking a loan to buy a house, the loan tenure should not exceed 20 years and last what is 40, 40 percent of your total income should be the maximum EMI amount, fair enough."

"If he had gone ahead with one extra EMI every year, he would have been able to repay the entire loan ideally of 20 years in just 10.5 years"

"if a person were to take a loan at the age of 40 then, what would be his working life, that is very limited for him... Vis-à-vis, if a person is in is in his 20s, then in that case, the working life of that person is quite large and banks would be much more happy and willing to give loan to such a person"

"the biggest positive from the tax angle, number one you get two lakh rupees per owner as a tax benefit for the interest amount and number two you get 1.5 lakh rupees per owner from the principal repayment perspective"

"my personal suggestion would be you should go ahead with a ready to move in property, why, just in case if the builder is not able to complete the construction in time, in that case you have to pay the EMIs, plus you are also paying the home rent also so, it's a double cash outflow"

"if you are owning the house, then whatever is the case, on an average six percent capital appreciation is what we have seen, that's the kagger of capital appreciation over the period of last few years."

"If he had gone ahead with one extra EMI every year, he would have been able to repay the entire loan ideally of 20 years in just 10.5 years"

"Well, the simple answer to that is, earlier the better"

"if you are owning the house, then whatever is the case, on an average six percent capital appreciation is what we have seen, that's the kagger of capital appreciation over the period of last few years."