BQPortfolio: Should Sharjil Shaikh Buy A Second Home In Mumbai?
BQPortfolio speaks to citizens from across India about their financial goals and helps them access expert advice on how to achieve them.
Sharjil Shaikh, a 33-year-old resident of Mumbai, is repaying the loan he took for his first home. He is already thinking about buying a second one in about five years.
The problem is that with property in Mumbai costing more than anywhere else in India, his dream may not just be hard to achieve but also out of reach.
The flat Shaikh has in mind will likely cost as much as Rs 1.5 crore. While he is willing to sell his first house to raise funds for the second, his income may not support the equated monthly installment he will have to pay to the bank.
On BloombergQuint’s special show, Portfolio, Rohit Shah, chief executive officer of Getting You Rich, helps Shaikh come to the right decision—one that best suits his financial needs.