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Home Buying Tips: Everyone dreams of having their own house, then the rest of the things. In India, there is an emotional angle associated with the house. Because of this, some people buy a house or flat as soon as they get a job. This trend is especially in full swing in metro cities. In such a situation, due to the rising property prices, people prefer to buy the house in installments. Today we are going to give you some information related to home loans. Know the complete details about this in the news.

Take care of salary and EMI-

Often the first question that comes to people's mind is when should you buy a house. The direct answer to this will be how much is the house and how much is your salary. The simple formula is that the EMI of the home loan should be a maximum of 20 to 25 percent of your salary. For example, if your monthly salary is Rs 1 lakh, then you can easily pay an EMI of Rs 25 thousand per month.

This is the calculation if the salary is between 50 to 70 thousand rupees-

If the salary is between 50 to 70 thousand rupees and at the time of buying a house by taking a home loan, its EMI is 25 thousand rupees per month. Financially this decision is considered wrong because it takes a long time of at least 20 years to repay the home loan.

There is a benefit to living on rent-

If your salary is 50 to 70 thousand, then in this situation there is a benefit in living on rent. If only 25 percent of the salary becomes the loan EMI, then definitely buy a house. On the other hand, if the salary is between 50 to 70 thousand rupees and the EMI of the house is going to be less than 20 thousand rupees per month, then you can buy a house. That is, you can buy a house up to Rs 25 lakh. Whose cost for 20 years is going to be less than 20 thousand rupees.

Do this work when your salary is Rs 1 lakh-

If the value of your house is more than Rs 30 lakh, then in this situation, living on rent is going to be a profitable deal for those with a salary of 50 to 70 thousand. During this, focus on saving every month, and when the salary reaches around Rs 1 lakh, then you can buy a house by making a higher down payment. The higher the down payment, the lower the EMI will be

In this situation, you can buy a house worth Rs 50 lakh-

Financially, it is believed that if someone's salary is Rs 1 lakh, then he can decide to buy a house for Rs 30 to 35 lakh (Home Buying Tips). On the other hand, if the salary is Rs 1.5 lakh per month. For such people, a house up to Rs 50 lakh is going to be right for the budget. This means that in any case, the EMI of a home loan should be a maximum of 25% of the salary.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.