Home Loan EMI: What should be the monthly salary to buy a flat or house, know the complete calculation..

Home Loan: Everyone dreams of buying their own house. Because there are many restrictions in a rented house. At the same time, a large amount is spent every month on paying rent. In such a situation, to get rid of these problems, some people think of buying their own house as soon as they get a job (Salary for Home Loan). This trend is in full swing, especially in rapidly developing cities. Whether it is a big city or a small city, one can easily get a home loan from the bank to buy their own house, but a home loan is a big and long-term loan. It has a large EMI every month.

In such a situation, many times the installment bounces when there is a financial crunch (Home Loan EMI Bounce), due to which one gets trapped in a debt trap. In such a situation, this question arises in the minds of most people: when should one buy their own house? Is living in a rented house (House rent) a profitable deal? Apart from this, this is also the biggest question of how much the monthly salary is to buy a house. One should decide to buy a house only after knowing the answers to all these questions. Today, in this news, we will tell you in detail -

It is also very important to have coordination between salary and EMI-

Often, this question comes to the minds of people: when should you buy a house (House buying tips)? In such a situation, it is very important to know how much the house costs and what your salary is. In such a situation, the simple formula is that the EMI of the home loan should be a maximum of 20 to 25 percent of your salary (Maximum salary for Home Loan). For example, if your monthly salary is Rs 1 lakh, then you can easily pay an EMI of Rs 25 thousand per month.

Effect of taking a home loan when the salary is 50 to 70 thousand-

However, if the salary is between 50 thousand and 70 thousand rupees and the house is purchased by taking a home loan, then the EMI falls on 25 thousand rupees per month (Home Loan EMI). Financially, this decision can prove to be wrong. Because it can take a long time of at least 20 years to repay the home loan.

This thinking or advice that one should not buy a house is completely wrong. There is a benefit in living on rent. If only 25 percent of the salary becomes the loan EMI, then one should buy a house. On the other hand, if the salary is between 50 thousand and 70 thousand rupees and the home loan EMI is going to be less than 20 thousand rupees per month, then a house can be bought. That is, one can buy a house up to 25 lakh rupees. Which will be less than 20 thousand rupees for 20 years.

To buy a house of 30 lakhs, the salary should be this much-

But if the price of the house is more than 30 lakh rupees, then living on rent can prove to be beneficial for those with a salary of 50 to 70 thousand. During this period (Home loan tips), focus should be on saving every month, and when the salary reaches around one lakh rupees, then a house can be purchased by making a higher down payment.

The higher the down payment you make today, the lower the EMI (EMI for Home Loan) will be. Financially, it is believed that if someone's salary is one lakh rupees, then he can decide to buy a house of 30 to 35 lakh rupees. Apart from this, if the salary (estimated salary for a 30 lakh rupees home loan) is one and a half lakh rupees per month, then for such people, a house up to 50 lakh rupees will be right for the budget. That is, in any case, only a maximum of 25 percent of the salary will go into the home loan installments.

This decision will have to be taken regarding career growth-

Apart from this, everyone has to decide according to their needs. You have to see what work you do. Apart from this, it is also very important to see the job profile (Job Profile for home loan). You should decide on this basis only. If you buy a house first, then you will be tied to that city.

Most people shift from one city to another in the initial stage due to career growth. If you buy a house (Home loan tips) as soon as you get your first job, then there is no option of changing jobs. You have to work tied to one place. Also, if you do not have a permanent job, then you should not make the decision to buy a house in a hurry. If you want to buy your own house (House buying tips), then first save for the future, only then make this decision.

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