My monthly salary 60000. I have no any savings but right now I stay in rented house in Mumbai. I want purchase own flat Rs.60 Lakhs how’s is possible?
Ans: Current Financial Situation
Your monthly salary is Rs. 60,000. You live in a rented house in Mumbai. You have no savings currently.
Housing Goal
You want to buy a flat worth Rs. 60 lakhs. This is a big goal for your income level.
Challenges
Your income is limited compared to property prices in Mumbai
You have no existing savings to use as down payment
Mumbai real estate market is very expensive
Possible Strategies
Start saving aggressively from your salary each month
Look for ways to increase your income through side jobs
Consider more affordable areas in Mumbai's outskirts
Explore government housing schemes for first-time buyers
Look into home loan options from banks
Saving Plan
Aim to save at least 30-40% of your salary each month
Cut unnecessary expenses and create a strict budget
Start an automatic transfer to a separate savings account
Look for higher interest savings options like FDs
Increasing Income
Ask for a raise or promotion at your current job
Take on freelance work or a part-time job
Upgrade your skills to qualify for higher-paying roles
Home Loan Considerations
Most banks require 10-20% down payment
Your current income may not qualify for a Rs. 60 lakh loan
Work on improving your credit score for better loan terms
Government Schemes
Look into PMAY (Pradhan Mantri Awas Yojana) for subsidies
Check eligibility for Maharashtra Housing schemes
Timeline Expectations
Saving for down payment may take 3-5 years or more
Be patient and consistent with your savings plan
Property prices may change, so stay updated on market trends
Finally
Buying a Rs. 60 lakh flat on a Rs. 60,000 salary is challenging. Start saving, increase income, and explore all options. Stay focused on your goal.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
