{"id":211,"date":"2016-05-23T11:54:59","date_gmt":"2016-05-23T11:54:59","guid":{"rendered":"http:\/\/blog.kuvera.in\/?p=211"},"modified":"2017-05-12T04:28:44","modified_gmt":"2017-05-12T04:28:44","slug":"023-goal-visualization-and-planning-2-of-4-the-house-goal","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/023-goal-visualization-and-planning-2-of-4-the-house-goal\/","title":{"rendered":"Goal Visualization and Planning (2 of 4) &#8211; The House Goal Visualization"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d80a244c08f\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d80a244c08f\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/023-goal-visualization-and-planning-2-of-4-the-house-goal\/#Pro_tip_Taking_a_housing_loan_is_very_simple_and_most_people_buy_their_house_by_taking_one_Rates_are_fairly_competitive_and_home_loans_comes_with_various_tax_benefits\" title=\"Pro tip: Taking a housing loan is very simple and most people buy their house by taking one. Rates are fairly competitive and home loans comes with various tax benefits.\">Pro tip: Taking a housing loan is very simple and most people buy their house by taking one. Rates are fairly competitive and home loans comes with various tax benefits.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/023-goal-visualization-and-planning-2-of-4-the-house-goal\/#Pro_tip_EMI_and_Monthly_Income_calculations_are_based_on_simple_thumb_rules_The_actual_numbers_will_vary_but_not_by_a_lot\" title=\"Pro tip: EMI and Monthly Income calculations are based on simple thumb rules. The actual numbers will vary but not by a lot.\">Pro tip: EMI and Monthly Income calculations are based on simple thumb rules. The actual numbers will vary but not by a lot.<\/a><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" class=\"aligncenter size-medium wp-image-203\" src=\"https:\/\/blog.kuvera.in\/wp-content\/uploads\/2016\/05\/Visualize-300x300.jpg\" alt=\"Visualize\" width=\"300\" height=\"300\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2016\/05\/Visualize-300x300.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2016\/05\/Visualize-150x150.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2016\/05\/Visualize-768x766.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2016\/05\/Visualize-1024x1022.jpg 1024w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Now that you have a few Goals to think about, let us work through a goal visualization illustration. You can use a similar approach to plan for your other Goals as well.<\/p>\n<p>Let\u2019s say you want to buy a house. Think about the kind of house you want to buy (your space requirements, 2BHK or 3 BHK, Complex or Standalone building, City Centre or Suburbs etc). Look up a property listing portal to figure out the approximate cost of a house that meets your criteria. Let\u2019s say this number is Rs 1 Crore.<\/p>\n<p>Now, you have to figure out whether you would like to buy the house with your own money or take a loan for it. In India, financial institutions normally provide for a housing loan to cover 75% of your cost. This means you need to pay 25% from your savings or Rs 25 Lakhs. This is the <strong>value of the House goal. <\/strong>Note that for the remaining Rs 75 Lakhs you will need to take a home loan.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Pro_tip_Taking_a_housing_loan_is_very_simple_and_most_people_buy_their_house_by_taking_one_Rates_are_fairly_competitive_and_home_loans_comes_with_various_tax_benefits\"><\/span><strong>Pro tip: <\/strong>Taking a housing loan is very simple and most people buy their house by taking one. Rates are fairly competitive and home loans comes with various tax benefits.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Next, think about when you would like to buy the house. Let\u2019s say in 5 years. One of the factors that are relevant to this timeline will be that apart from the down payment, your income should be adequate to pay an EMI of about 1,000 per lakh(roughly) of loan or about Rs 75,000 per month. To be eligible for the loan your monthly income should be roughly twice of the EMI or about Rs 1,50,000\/- per month. If you are buying the property jointly with your spouse, then you can include his or her income also for this calculation. Let\u2019s say you estimate that in 5 years you will reach this income level and hence your <strong>goal horizon can be 5 years.<\/strong><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Pro_tip_EMI_and_Monthly_Income_calculations_are_based_on_simple_thumb_rules_The_actual_numbers_will_vary_but_not_by_a_lot\"><\/span><strong>Pro tip: <\/strong>EMI and Monthly Income calculations are based on simple thumb rules. The actual numbers will vary but not by a lot.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>So there you have it, your House Goal is Rs 25 lakhs in 5 years and reaching this goal will enable you to buy a house worth Rs 1 Crore.<\/p>\n<p>To keep things simple, we have not incorporated inflation into the calculations. Read about it in <a href=\"http:\/\/blog.kuvera.in\/011-the-inflation-monster-2\/\">The Inflation Monster<\/a>. If you estimate inflation to be 5%, you can increase the\u00a0purchase price\u00a0of your house by 5% for every year and adjust the other numbers accordingly.<\/p>\n<p>This is Number\u00a02 of a 4 part series on Goal Visualization and Planning.<\/p>\n<p>Coming up next: <a href=\"https:\/\/kuvera.in\/blog\/goal-visualization-and-planning-3-of-4\/\">Goal Visualization and Planning (3 of 4)\u00a0-&gt; The House Goal &#8211; Building\u00a0up the\u00a0Corpus the Cash or FD Way<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Visit <a href=\"http:\/\/www.kuvera.in\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.kuvera.in<\/a> to invest in &#8220;Direct Plans&#8221; of Mutual Funds and save BIG on commissions!!!<\/p>\n<p>#MutualFundSahiHai #KuveraSabseSahiHai<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Now that you have a few Goals to think about, let us work through a goal visualization illustration. You can use a similar approach to plan for your other Goals as well. Let\u2019s say you want to buy a house. Think about the kind of house you want to buy (your space requirements, 2BHK or [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/023-goal-visualization-and-planning-2-of-4-the-house-goal\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":3,"featured_media":203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[88],"tags":[50,52,49,51],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Goal Visualization and Planning (2 of 4) - The House Goal Visualization - Kuvera<\/title>\n<meta name=\"description\" content=\"Learn how goal planning and visualization helps in setting a &quot;buy a house&quot; goal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/023-goal-visualization-and-planning-2-of-4-the-house-goal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goal Visualization and Planning (2 of 4) - The House Goal Visualization - Kuvera\" \/>\n<meta property=\"og:description\" content=\"Learn how goal planning and visualization helps in setting a &quot;buy a house&quot; 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