"Banks often hesitate to give loans to actors"... Salil Acharya

Money. That's what drives everyone in the final analysis, whether in the glamour world of acting or the hard grind of scripting and producing. Cashin' In sits down with TV celebs to know well they handle their financial matters, and tracks their spending patterns. Salil Acharya, VJ turned actor came to Mumbai-- the city of dreams in search of name and fame. After a lot of hard work, the actor managed to carve a niche for himself and is currently seen essaying negative roles in Kasautii Zindagi Kay and Ek Ladki Anjani Si. Salil is not only smart in looks but even smarter when it comes to money-matters. Here this cool dude from Delhi gets talking about his struggle of buying a flat in Mumbai where property rates are sky high. To put it in his words, "the real estate market is a rather villainous place for aspiring actors who dream of owning their own pad." Yet, in spite of al this, the pragmatic actor still swears by investing in real estate as it is a booming industry. Right said, dude. "I can't dish out Rs 75 lakhs for a one BHK flat" After having lived in Bandra for four years l had to choose Andheri when it came to buying my own pad in this city of dreams, since the rates in the queen of suburbs were far too steep. I can't dish out 75 lakhs for a one BHK. This enormous problem is further complicated by very high monthly maintenance (15k in some areas). So, I narrowed down on Andheri. "Banks are hesitating to give loans to actors" Whenever I approached a bank, they charged me such steep EMIs that the costs went too high. Even the term periods what were offered were a measly 5-8 years, which is ridiculous, for it is not possible for me to pay back in a short period. Banks are scared to give loans to actors as some may have defaulted their loan payments. But that does not mean you paint everybody with the same brush. "Actors are charged high" Besides the very high property price, another issue that bothers me is that the moment the prospective client comes to know you an actor, they further hike the price. I feel the actors are charged high since the perception is that TV guys mint big money, so why deprive us. "Property is the best investment" I accept that property is the best investment that one can do in the current scenario. The real estate sector has grown hugely in the last few years and my investments have become profitable thanks to the boom the business has witnessed. In fact, one must have at least two flats in Mumbai, the place you are staying in is dead investment, hence if possible you must buy another property, which you can lease out and earn handsome rent. So, now I am in the process of buying a new flat.