Buying your own home is a dream for middle-class Bengalis.Its a sign of stability of having finally put down roots.For us, it was an impossible dream.But I read jagoinvestor with tremendous zeal and all Manish’s books made me realize we needed a plan.
I made a plan
Step 1: Save as much money I could.I believe money saved is , money earned.I also always shopped on a budget as childhood habit taught by my mom.
Step 2: Avoid breaking long-running Fixed deposits or loan from PPFs, where the compound interest magic was happening.I planned my yearly budget with care.
Step 3: Ask family and friends for their advice and any personal loan at zero interest from them.But no wheedling, no bad feelings and no asking for free handouts.It just doesn’t work that way.
Step 4: Find the best home loan provider and their best plan.This one took as much research as both our thesis and some timely help from guardian angels.
Step 5: Have a brain map for the dream home .practical points and others.
Step 6: Make it a reality.The exact steps.
Step 7: Decorating my dream home, eco-friendly and budget-friendly.
Step 8: Always Love the Home you Have!
House Hunting in India: My experiments and experience
About Step 1
I was saving since 2007.That’s the year I cleared my PG and started getting a stipend.I used to save only 5k a month in a recurrent deposit.But when I bought my home in 2014, that amount was a life saver.It partly helped finance the down payment and helped us avoid the personal Bank loan trap.
I got married in 2008.Yes, have an old soul and actually started saving money for my home even before I got married.Since hubby was my medical college sweetheart and we were doing our PG in Delhi(different colleges under Delhi University) both had separate living and food expenses.They were considerable.Plus it was Delhi!
Getting married was romantic and also financially perfect.We saved money as when we lived in our co-ed hostel room.
Don’t be shocked.At Safdarjung PG hostel since many people were married, entire families could be found in the generous sized, but single rooms of the hostel.
I loved the energy of Delhi so much that I house hunted in Green Park and Bengali para CR park.But housing in Delhi was not fitting the budget.Also, we were still studying
That’s tough.Why? Because not having permanent jobs made home loan difficult.
Did it stop my enthusiasm? No!
Where did I search for homes?
Anywhere and everywhere.Where I liked the weather and people.Where it wasn’t crowded and had beautiful autumn winter, spring, and tolerable summers.
On my list was Chandigarh I loved this beautiful planned city and homes with gardens.Way beyond budget and I knew how to manage one room.A house could be an Amazonian challenge.Can you see I have ignored the sheer improbability of even getting a job or the financial logistics?But focusing on the basic housework and managerial skills needed?
I believed a house will become your home only when things fall into place.You may buy many houses , but your home is where you find peace and happiness.
My house hunt if not for my hubby could well have ended in Manali (if HP government gave us special provisions to make it affordable)
Mussoorie, Rishikesh, Shimla, Kashmir all have been rigorously researched.
Kashmir government doesn’t allow Kashmiri home buyers also it was not practical.Maybe!
Getting jobs in the above-mentioned places meant I would have to convince my mom to shift from Kolkata.
Another mountain which is Amazonian (currently favorite word)
Fast forward to 2010
We shifted base to Kolkata.Both got jobs.Mine didn’t pay much but practice was okay.Hubby got a job, changed job got a government job in 2011.Family planning started.House hunting physically put on hold.
99acres and magicbricks helped during these times.I still searched for homes in Manali and Chandigarh.Delhi was given up.Childcare would be a problem, traveling difficult, also mommy needed looking after.
2012 Baby born
Days and nights merged no house hunting.Luckily both our RDSands FDs were saving and I saved as much as I could.Did I buy my home ?How ?Where ?
Wait for my next post in this series.
Did you know my blog helped in this journey too?
Writing with you for ThankfulThursdays.Thank you note for the home I found!
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