It’s been generally considered that Wealth is created by purchasing a home at an early stage in life by taking an easy and quick home loan. It’s also made as the normal rule by the current generation that the eligibility for marriage is only by owning a house before marriage.
I accept the intention but differ with the approach.
My view as a financial advisor will have a different view. Let’s have a quick understanding.
Let us again consider Mr.Ramu who is 25, wanted to take the most important decision in his life which is going to commit him for the next 35 years financially. As usual he is advised by his family and friends to buy a house so that he will be considered settled and be ready for his marriage.
Let us now try to understand the true story of the Home Loan.
Alternatively I suggest him to look at the other smart option where he can take care of all his future financial goal with the same EMI commitment. Rather achieving each of his financial goals he will be awarded with a gift – where his monthly commitment will come down, allowing him to consider any new financial goals.
I sure this working must be of your interest and I will be more happy to help you in planning your personal Goal Based Financial Planning.