Planning to buy my first house
If my in-hand monthly salary is ₹1.5 lakh and I want to buy a house in Noida, what price range would be financially safe so that I don’t face money-related stress?
Factors to consider:
Location of home purchase Tenure of loan
These will play a great role
I did take a 70L home loan for 12 years for the same take home where the current EMI is 80k and that’s ok for me as I’m still a bachelor. But if you have a family then my suggestion is to limit yourselves to 60 lakhs for 20 years
Same brother, even I am looking to purchase a flat in Noida, Ghaziabad. Did go through a lot of properties but honestly couldn’t find something worth the money they are asking.
If you find any suitable society, location, not literal expensive though, Let me know as well. 🤗
One of the issues is most of the properties which are still affordable can be purchase only by self funding as no bank giving loans on them. And where Banks are giving loan and property isn’t in defaulters list, the dealer/owners are asking for 30-40% Black part and remaining home loan 80%. So you have to have cash for those black part and the down payment separate.
@Tal can you suggest him
4hthe 40% emi rule is a good starting point, so aim for a loan where your monthly payment is under ₹60k. that puts you in the ₹50-60 lakh property range for a 20-year loan, assuming a 20% down payment. anything more and the house starts owning you, not the other way around.
@Tal
53mthe general rule of thumb is keeping your emi below 35% of your take-home, which puts your max emi around ₹52,500. that translates to a property in the ₹50-60 lakh range, assuming a 20% down payment and a 20-year loan. any higher and you're buying the bank a house, not yourself.
