hi guys, me and my gf planning to get a house soon. i would like to ask lets say we are to get a 500-600k house together, how much saving should we have to be safe in case anything happen to one of us like suddenly got fired from work or something.

i have been asking few of my frens tht bought a million dollars house as well as my colleagues but they all said no need worry, just loan and buy with zero saving in their bank coz nowadays got full loan which i think its a very bad decision or way to buy a house

This post has been edited by chinti: Nov 27 2017, 03:04 PM

No saving?
wow...do your friends feel secure...
for me hell no!
keep at least 10-15% of your nett income...
u wont know when u need the money!

yea they all told me zero saving due to full loan.
i wont feel secure as well to buy a house without any saving
wat i calculated the other day is to be on the safe side i need to hv at least 25k saving which i wont b touching them unless emergency

I think you need to save 6 months of your house monthly installment to be safe.

and your friend probably talk big (tokok) only.

IMO....
your saving(inclusive of all installments and pocket money) need to allow your to be jobless for 1 year min...
that's for me..

yea i calculated based on 6 months as well. mayb should increase to 1 year to b safe

yupe....happy hunting!

ok. all the best!

the question you asked is rhetorical, really because it's either you already know the answer or that the question has no answer. perhaps there is one, if you want to be safe then theoretically, the numbers in your bank account should tally with your outstanding loan amount and plus another 50% of that, just for contingencies but that's notvery ideal, isn't it.

there is no "safe grounds" when it comes to purchasing an immovable property, it's always a risk taking venture and whether the risk is worth taking or not, boils down to both your partner and your commitment and visions. if both of you are the timid kind then get something which you guys will feel comfortable, start small because no point getting a sizeable property but lose sleep over on "what ifs".

buying properties thinking that the bank will solve your financial issues is like penetrating a prostitute without a condom on. you go in raw and hope that you don't contract anything because you trust that your body's immune system can fight off AIDS.

if you still need a guideline then take this as a reference point, never ever invest in a property which will costs you more than 50% of the savings that you have in your Bank simply because the money may look a lot now but given time, the value of cash will dwindle and right before you know it, the real value of that 50% in you savings is now only 20%.

don't think that Bank is there to help you, Bank is there to pretend to be helping you. what they are after is all the monies you have and more. if you defaulted in your payment, they will sue you for the principal and also all the interests.

people who still fail to see this are stupid people. even the banks are smart now, which is why they created what we known as "flexi-loans".

pump the money into the housing loan account and reduce the interests payable and possible, filled it up but do not settle. as long as you don't settle, the money is still there for the taking. make a habit on not touching the monies there unless necessary.

This post has been edited by shaniandras2787: Nov 27 2017, 05:50 PM

for me, the savings needa allow me n my hubby to b jobless for 1year min... which is quite high amount.... as we needa feed the kids, we got parents, we got house loans, etc...

no answer for this one.. depend on each individual..

how to define the "safe".. let say u want to have 6 months of savings only consider save.. estimate 30k = 6 months.. 1 month u earned 5k.. let say u spend 60% monthly.. 40% savings then 2k per month.. u need save at least 25 months only got 30k..

unless u going to say ur salary is 10k+ monthly.. but i believe monthly expenses always take about 60% of income..

Glad that you realised the danger of those decisions.....but if i were you, i would ask myself does this purchase direct me to my financial objectives rather than how much to borrow and buffer required.