Buying a house in Noida is no longer just a dream but is becoming a big financial challenge for many people. Especially for those people who want to buy their first house on the basis of their earnings after working. Recently, a video on social media started a new debate among people regarding this issue. It was told in the video that if a person wants to buy a simple 2BHK flat in Noida, then not only good savings but also a good salary every month has become necessary.
This video has been shared on Instagram with an account named @rrrealtywithrishi. It has been created by Rishi Shandilya associated with real estate. In the video, he tried to explain the entire financial picture of buying a 2BHK flat in Noida in simple language. He says that in today’s time, even a small 2BHK flat in the city is gradually becoming beyond the reach of the common man.
Noida flat called pigeon house
In the video, Rishi tells that many 2BHK flats available in Noida are so small in size that people jokingly call them match boxes or pigeon houses. Despite this, the price of these flats has reached from Rs 75 lakh to Rs 80 lakh. This means that if a family wants to buy even a small house, it will have to spend a huge amount. He further explained that just knowing the price of the flat is not enough. Buying a home starts with the down payment.
Generally banks do not give loan for the full amount. In such a situation, the buyer may have to make initial arrangements of Rs 20 lakh to Rs 25 lakh from his own pocket. Raising this amount becomes the biggest challenge for many people, because it can take years to save this much. After this comes the turn of home loan. According to Rishi, if a person wants to take a home loan of around Rs 55 lakh to Rs 60 lakh, then his monthly income should also be accordingly. He claims that banks will approve a loan of such a huge amount only when the monthly salary of the applicant is between Rs 1 lakh to Rs 1.2 lakh. If your income is less than this, it may be difficult to get such a large loan amount.
He also told that if a person gets a home loan of Rs 55 to 60 lakh, then his monthly EMI can reach around Rs 60 thousand to 65 thousand. That means a large part of the salary every month will be spent only on repaying the loan. In such a situation, it will not be easy to meet the remaining household expenses, children’s education, medical needs, daily expenses and saving for the future. After the video surfaced, people expressed their views fiercely on this topic on social media. Many users said that seeing such high prices, it has become more difficult than ever for the middle class to buy a house. Some people also raised questions about the small size of the flats and said that when the houses are so small, then why are their prices so high.
At the same time, some people believed that property prices are continuously increasing in fast developing cities like Noida. Due to better roads, metro connectivity, new expressways, presence of IT companies and increasing employment opportunities, the demand for real estate here is continuously increasing. For this reason, there is a continuous increase in the prices of flats.
Watch the video here
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