What has changed in last 5 years
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Thats 60000 for a 50 Lakh house with 5% down not 80 lakh. If you go to icici bank.com you can do the math. I think the interest rate is 14.5% +- 1%
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Live and Let Live
But why do we assume that the burden of buying a home in India falls on the guy (he could have a parental home, if single boy...sell and buy a new one or live in the same. If a shared property with brothers mostly they sell and split. In middle class many people own homes from parents only). In fact coming to Canada means to arrange and buy the home from scratch on your personal income.
Location: God's own country
Posted on: 25-07-08 14:05:32
Quote:
Originally posted by chittesh
I do not agree completely:
Say you are in Mumbai, Family income before tax 17Lakhs. After tax u get 1 Lakh take home.
A very average 2 bedroom flat (not townhomes/semis/detached that desis usually buy here) will cost 70-80 lakh in a average suburb in Mumbai. OK for argument lets not buy in Mumbai or Bangalore lets buy in Hyderabad for 50 Lakhs. I am not sure if u get homes with 0 down but say u put 5% down your monthly payment is: 60000
Car: i dont want you to buy a Camry or Civic which most desis will buy here but somewhat smaller, but not as small as 800 or santro. That will set you back 12000/month
Add other expenses and you can easily spend 20k of the remaining 28K.
So u save 8K.
As discussed in previous thread given that income you should atleast save 25K so if u do that u have only 3K for other expenses which is really not enough.
And this is assuming u get 1Lkah after tax... u can do the math if u make less or more..
having said this, to lead this lifestyle here u need to make 90-120K ehre depending on the city you live in... so if ur job is in demand u can do it without a lot of trouble if not then its better to stay in india..
Again Chittesh,
You are always assuming that if in India, you have to get a house with a loan, get a EMI for a car, Save 25% of your salary (as per the Canadian style). It does not work that way in India.
In India, you do mostly have your parents house / staff quarters. People buy cars for cash ( 2nd. hand) etc... The money that you earn goes for :
1. Groceries/ cloths
2. Hospital (if you donot have medical plan by your company)
3. Education
4. Savings
5. Subsiatance allowance to parents.
The syle of life in India and Canada is very very different. That is why I asked the Individual what he wanted.
In Canada, mostly people want to maintain a standard of living whereas in India people worship you on the basis of how much you save, I must have spent a fortune on my house furniture, car, buying gifts for friends in Canada and showing people that I am living a very comfortable life in Canada. In India, the priorities are different and the OP ought to consider what he wants before coming here.
For Eg. if he comes with his wife and 2 children, a entire 2 years of savings will be wiped out by making a visit to India (marriage / death etc...). I know so many people who have not gone to India in a decade b'cos of the cost of air travel / what is left after mortgage, car loan etc...
Peace
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I am a Gents and not a Ladies.
Quote:
Originally posted by jonav
But why do we assume that the burden of buying a home in India falls on the guy (he could have a parental home, if single boy...sell and buy a new one or live in the same. If a shared property with brothers mostly they sell and split. In middle class many people own homes from parents only). In fact coming to Canada means to arrange and buy the home from scratch on your personal income.
To Jonav and TK,
Not ncessary, i know a few people (who have in the last 4-5 years) who have sold their houses in India and come to canada with 50Lakh+, they have very low mortgages and can afford luxury cars, cottages, and other goodies that i can only dream of.
My parents live in a 800sqft 1BHK flat in Mumbai thats worth as much as my home in guelph. I i were to live in India with my wife it would be hard to share 1BHK, what when we had kids. What about my brother?
If i do not live in Mumbai (as i did not a few years before immigrating as i got job in another city, living with my parents was not a option, it was rent.
My parents could have sold their house and lived with me, but that is a option even now. (Hell i would be mortgage free with a few thousand dollars in the bank right now)
What about people to come from villages and live in cities bcoz they have jobs there..
I know atleast 3 desis who came in from Middle east, and bought homes in Mississauga for cash, no mortgage.
So its depends on then situation, Culture change is as important as money (no kaam waali bai, no salaam saab, no cheap restaurants etc),
TO the original poster, if you are ready for a huge culture change, and believe your family could make 90-120K with your profession then its worth it if not then India is better any day...
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Live and Let Live
Chittesh, now I agree with you (on your last post). If someone has a home in India of his own and good steady income, car, there's no point coming to Canada or anywhere else in the world. Or come if one has a capability of landing in $100K + jobs in Canada. Let the OP decide according to his circumstances.
Jona
Cool, i would just like to point that a family income of 9-120K is sufficient. So u make 55 spouse make 45 is good enough, and if someone really decides (study etc) making 45K is not vv hard after 3-4 years in Canada.
OFC if you want lifestyle which means driving BMW, Lexus, Movies every week, restaurants 2-3 times a week, owning boats etc, u need much more money...
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Live and Let Live
Location: God's own country
Posted on: 27-07-08 23:35:35
Quote:
Originally posted by jonav
Chittesh, now I agree with you (on your last post). . Let the OP decide according to his circumstances.
Jona
On a similar note, I agree to Chiteesh's present statement.
However, his earlier post indicated an exactly opposite view and that is what prompted me to go in further detail.
It is subjective, but I still feel that a single income of 60K or a family income of 90K is considered absolutely minimal to live in Canada. When I came first to Canada , I stared with $ 18K annual salary. Though I was able to get by comfortably, Now India* tamilkuravan conditions have changed considerably that makes me feel that 18K is begger's salary in Canada.
Quote:
[Not ncessary, i know a few people (who have in the last 4-5 years) who have sold their houses in India and come to canada with 50Lakh+, they have very low mortgages and can afford luxury cars, cottages, and other goodies that i can only dream of.
Have to disagree here.
property values are climbing ever so steadily in India / Gulf. The growth of house value is minimal in Canada. if the person wants to settle in India after 10 years, with the money from the sale of the house in Canada, he will hardly be able to buy a decent house in India.
Quote:
I know atleast 3 desis who came in from Middle east, and bought homes in Mississauga for cash, no mortgage.
Good for them.
however if they had earned around Rs. 2-3 lakhs per month there and saved rs. 1.5-Rs. 2 lakhs a month and they are in Canada for a 60K job and pollution less atmosphere / nature etc.., it would be a mistake to be here unless thay have an added agenda of free schooling/ OSAP funded university education etc...
Hope this helps.
Peace
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I am a Gents and not a Ladies.
