Home is important for everyone. But should one buy a house as soon as one gets a job? Is a house so important that one should decide about it first? In fact, today a youth starts working at the age of 20 to 25 years, so should one start thinking about a house with the first income, or what should be the right age to buy one’s own house? If you are also thinking of buying a house, then first know when should you buy a house? What should be the salary to buy a house? Also, is a house even necessary or not?
Let us tell you, some youth buy a house as soon as they get a job, especially in metro cities, there is a trend of buying flats. This is also possible because home loans are easily available, and the entire savings are spent in the down payment. There is an emotional angle attached to the house. That is why in our country, after roti and kapda, the most important thing is a house.
Why not buy a house while you get a job?
Financially speaking, you should not buy a house as soon as you get a job, it has many disadvantages, which prevents you from progressing financially. If you buy a house as soon as you get a job, then financially you are not in a position to take any other decision.
Even if you need a house, you can become financially capable by living on rent in the beginning. The rule says that you should decide to buy a house after at least 10 years of employment. This is because you can save a lot of money by living on rent for about 10 years, and after that you can buy a house of your choice. You can also take other financial decisions. If you get a job at the age of 25, then buy a house at around 35, whereas if you get a job at the age of 20, then you can decide to buy a house at the age of 30.
For example, if your initial salary is Rs 50,000 per month, then first think about how much it will be after 10 years. According to an estimate, most people’s salary doubles in 6-7 years. According to this, in 10 years the salary will increase to around Rs 1.5 lakh. Experts say that the salary will definitely increase by at least Rs 1.20 lakh.
Save money for 10 years and then think about buying a house
Now calculate for yourself how much money you will save by living on rent for 10 years. According to this, when you go to buy a house after 10 years, you will be able to buy a better house than the one you have now, there will be no tension about EMI, and with the money saved in the first 10 years, you will be able to make the down payment of the home loan easily. Also, the big advantage will be that you will have a large fund for other work as well. You can also plan for marriage, children’s education and retirement. In such a situation, the simple answer is that if you buy a house as soon as you get a job, you will be stuck in the EMI cycle for 20 years. You will not be able to think about saving in the future, because as soon as you get your salary, after EMI, only that much money will be left, with which you can meet the household expenses, you will not be able to save even if you want to.
Apart from this, one should buy a house according to the job profile. If you buy a house first, then in a way you will be tied to that city. Most people shift from one city to another in the initial stage due to career growth. But if a house is bought along with the first job, then people are not in a position to change jobs. Because they do not consider it appropriate to go to a new city and live on rent and then give their house on rent. If you do not have a secure job, then do not buy a house in a hurry.
What should be the salary to buy a house
Employed people should buy a house when the EMI amount of the home loan is only 20 to 25 percent of their income i.e. salary. For example, if your monthly salary is Rs 1 lakh, then you can pay a monthly home loan EMI of Rs 25,000. But if the salary is between Rs 50 to 70 thousand and you buy a house by taking a home loan, then this decision will be considered financially wrong. You can get trapped in the loan trap. Because most people take home loans for at least 20 years.
But if the price of the house is more than Rs 30 lakh, then it is beneficial for those with a salary of 50 to 70 thousand to live on rent. During this time, focus on saving every month, and when the salary reaches around one lakh rupees, then you can buy a house by making a higher down payment. The higher the down payment, the lower the EMI will be. Financially, it is believed that if someone’s salary is one lakh rupees, then he can decide to buy a house worth Rs 30 to 35 lakh. On the other hand, if the salary is one and a half lakh rupees per month, then it would be right to buy a house up to Rs 50 lakh. That is, in any case, the EMI of the home loan should be a maximum of 25 percent of the salary.
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