Owning a House

When i went to US in 2006, One of my colleague convinced me, that i should seriously think of buying a house. Once i came back, it happened that i saw a online ad about a Flat in miyapur and started inquiring about it. I went to see the same at around 7 pm or so and some how i just liked it. May be this is called ” Love at First sight” :-).

When i told my dad about it, he was very happy that i atleast started seriously thinking of some investement :-). Till then, he used to complain about how i am spending all my salary. When he saw the flat, he was not really convinced about my selection. Though we did look at different Flats in that area, I pushed hard saying that i liked the first one. He reluctantly agreed…

Then the process started paying advance, applying loan, doc verification etc….. With the Financial assistance of Mr P R K Raju ( my father ) and KV Kamath ( ya, the ICICI one), i got it registered on 30th Dec 2006.

After that, I used to feel elated, when ever some one say that ” Good man, you bought a house at a young age”. My actual EMI started from May and from then i started understanding the other meaning of above comments 😉 .
When i took the loan, the interest was 9% and then it went up to 13%. Initially the term is 240 months which went on to become 440 months with a raise in EMI upto 4K, this scared the hell out of me. I tried to understand the EMI calculation etc and was surprised to know that we end up repaying 4-5 times the amount that we take as loan.
Now i am desperatly looking at all options to decrease the amount that is to be repayed.
I realised that when we plan to own a House, it’s not just the house we own but also the Loan 🙂
This entry was posted in Personal. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *