North India Statesman
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It is no longer easy to buy a house in metros. This work becomes even more difficult, especially when you are thinking of buying a house in a posh area, and that too in an area like Mumbai. For example, if you want to buy your house in Mumbai’s posh area Bandra, it will not only require a lot of money, but also long -term planning. If your income is limited, you can make a long -term plan and buy a house here instead of taking loans from the bank.
SIP of mutual funds is the best option when it comes to making large funds in the long term. If this scheme is implemented, then the question is, how much SIP amount will be sufficient to buy this work and how much time will it take? If you want to buy a house in a posh area like Bandra, what kind of plan will you need to plan through SIP? In this way, instead of taking a loan from the bank, repaying EMI and getting stuck in debt, you can gather enough funds, know in one click (Photo courtesy- ISTOCK)
How much SIP do I need?
Financial experts believe that this target can be achieved by investing 20 percent of their annual income in SIP, while this investment amount will have to increase 10 percent every year. Suppose someone’s initial income is Rs 1.45 lakh per year and it deposits 20 percent of it in SIP. If this salary increases 10 percent every year, then in 24 years their annual income will reach Rs 14.28 lakh.
How much investment?
How much investment is necessary?
At the beginning of your investment, you will have to invest your annual income of Rs 1.45 lakh i.e. Rs 29,000 per year in SIP, that is, you will have to make an SIP of Rs 2,416.67 every month. After 24 years, when the annual income is Rs 14,211.24, it will have to invest 20 percent i.e. Rs 2,85,642.25 month and Rs 23,803.52 in SIP.
What is the price of the house?
According to Housing.comThe current price of property in Bandra (West), Mumbai is Rs 59,000 per sq ft. This means that you will get 2 BHK flat of 600 sq ft for Rs 3.54 crore. If you earn 18% annual interest on your SIP for 24 years, you will deposit Rs 2.13 crore. By downpaying this large amount, you can take a loan of Rs 1.50 crore from the bank and can easily fulfill your dream of buying your house through low EMI. For more information, please please your C.A. Contact. Or definitely seek help from your trusted people.
