Property Market: Buying a house in India is a big decision. This decision becomes even bigger when the property is worth Rs 1 crore. Most people in India buy a house on a home loan. So the big question in such a situation is how much salary you should have to buy a house worth Rs 1 crore
Property Market : Buying a house in India is a big decision. This decision becomes even bigger when the property is worth Rs 1 crore. Most people in India buy houses on home loans. So the big question in such a situation is what should be your salary to buy a house worth Rs 1 crore? So that, you can buy a house worth Rs 1 crore. Most people’s home purchase depends on home loans. For a home loan, it is important to first understand how much salary you should have for it? How much will be the EMI and understand the expenses. What should be your salary to easily repay a loan of Rs 1 crore?
Home Loan Rules – Know the Complete Calculation Here
- House price: Rs 1,00,00,000 (Rs 1 crore)
- Home loan amount: Banks provide loans up to 80%. That means to buy a house worth ₹1 crore, you will get a loan of ₹80 lakh.
- Down payment : You will have to deposit 20% of the amount yourself. That is ₹20 lakh.
- Loan period : 30 years (360 months).
- Interest Rate: Average interest rate 8.5% p.a.
- EMI ratio: Your monthly EMI should not exceed 40%-50% of your salary.
Calculation of EMI
What will be the EMI on a loan of ₹ 80 lakh
- Loan amount = ₹80,00,000
- Monthly interest rate = 8.5% / 12 = 0.007083
- Loan period = 30 × 12 = 360 months
- With this formula, the EMI comes to around ₹ 61,500.
How much should the salary be?
Banks believe that 40%-50% of your salary should be for EMI.
If ₹61,500 is your EMI and it is 40% of your salary, then your monthly salary should be Rs 1,53,750. That means your annual salary should be Rs 1,53,750×12=₹18,45,000. To buy a house, money is required for registration. That is not calculated here.
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