House purchase
For a house purchase of 1 cr - 1.10 cr how much emi is doable? Assume a downpayment of 20L.
How much salary is safe per month? What's the lowest take home reasonable to purchase such home?
Rule of thumb is that house should not be more than 4 years salary.
So your fixed annual income should be at least 25 lakhs.
But there will also be unexpected costs like closing costs, bribes, interior decoration, moving costs, so keep buffer for that.
If you make about 35lpa fixed you can comfortably afford this with decent buffer.
If you make less than 20lpa I would suggest buying a cheaper home or waiting a while. You might be able to make the payments but you'll be house poor.
If I earn around 1 lakh per month .. then is buying a house of 30-40 feasible?
Considering factory of safety consider thumb rule 5X of your fixed salary
