Decision would be based on multiple factors to be consider before you make a decision.
If you are young say if you are only 28 years and present CTC is good. Consider following factors.
- Other financial liabilities that you have.
- If you are not married then there it would add value by possessing a bigger house also beware of the costs which will be there for your marriage.
- If your work is going to have a good increments at least by 10% annually and you are planning your professional life for moving to next stage.
- Property you are buying is for Living or for renting it out.
- Work on the tax benefits you would get because of opting for loan.
My suggestion would be go with the Maximum and try to pay as much as you can before other costs come up in life. Like the marriage, kids, there education.
Always have following,
- Term insurance atleast 5–10 times your present salary.
- 10–20% as the emergency funds of your present salary. By means of Fixed deposits or equal safer and faster withdrawal.
- Start a health insurance for at least 3–5 lac apart from what your company is providing.
All the above if you start early at the age of 28 would be cheaper.
Then opt for maximum home loan.
If you plan your loan well, you will be able to close it faster and home will be fully yours.
If you are looking for Home Loans and want right home loan fit for you and to plan it well to close fast then apply on.
If you already have existing home loans then to plan it well and close faster, then manage the loan on Loanyantra for free