Home Loan EMI: Everyone dreams of having their own house. When a person gets educated and gets a job, the first thing that comes to mind is to build their own house. Those who already have a house also dream of shifting from a village or town to a big city. To fulfill these dreams, people take home loans. But, is this decision right or wrong? Let’s find out.
Home Loan EMI Calculation: Property is an expensive deal. Property is acquired by spending a large amount of capital. Anyway, in today’s time, the price of property is skyrocketing. The price of property is increasing daily. At the same time, other things are also becoming expensive. In such a situation, the question arises that people with how much salary (Salary growth) should buy their house by taking a home loan (Home Loan EMI). For whom will it be a profitable deal and for whom will it be a loss-making deal. Let’s know.
Buying a house has become easy, but…
People dream of their own house, but before other things, they should have their own house. As soon as they get a job, people start thinking of buying a house. There is also an emotional bond with the house. This trend is increasing in metro cities. Home loan (Home Loan EMI Calculator) has made buying a house easy, but managing the home loan installments (Home Loan EMI) is not an easy task, so one should take a loan wisely. For this, some basic calculations should be known.
The decision depends on the income
Often people have different arguments whether it is beneficial to buy a home (home loan) or live in a rented house. Both of these depend on how much your income is. This decision can be taken only according to the income.
Coordinate Home Loan EMI and Salary
Before buying your house, the question arises that with how much salary should you buy your house. So if you have to take a home loan to buy a house, then balance your salary and EMI (Home Loan EMI Calculator). Home loan EMI should be within 20 to 25 percent of your salary. If you are taking a salary of one lakh, then EMI should not exceed 25 thousand.
What to do if salary is 50 to 70 thousand
At the same time, it is not necessary that everyone’s salary is only one lakh. If the salary is 50 to 70 thousand rupees, then keep the home loan EMI low. Taking an EMI of 25 thousand in such a salary can be heavy. This decision will be wrong. So in such a situation, it would be appropriate to live on rent.
Home loan EMI should be only 25 percent
No matter how much your salary is, the home loan EMI should not exceed 25 percent. If your salary is between 50 to 70 thousand rupees, then you should buy a house of up to 25 lakh rupees only. Because its EMI will be around 20 thousand rupees per month. Which will last for 20 years. It means that in such a salary, the EMI should be up to 20 thousand at any cost.
How much home loan to take on how much salary
As mentioned above, a person with a salary between 50 to 70 thousand should take a home loan of up to 25 lakhs only (Home Loan EMI Calculator). If you want to take a home loan of 30 lakhs, then start saving some time in advance so that by making maximum down payment you can reduce the home loan installments. On the other hand, if the salary is around one lakh rupees, then you can buy a house of 30 to 35 lakhs (Home buying tips). Those with a salary of 1.5 lakhs can decide to buy a house of up to 50 lakhs.
Take care of your job profile
If you are buying a house by taking a home loan, then definitely check your job profile. Take this decision only if your salary and job are secure, otherwise do not take such a decision even by mistake, which may lead to selling the house after losing the job.
Take care of career growth
If you are buying a house, then also look at your career growth. If transfer is possible with growth in someone’s job, then definitely think before buying a house. Because property is not bought again and again.
If you get transferred after buying the property, then you have to decide whether you will rent out your property and live on rent in another city or leave your family at home and live on rent yourself. So keep these things in mind in your job.
Buy a house where there is growth in property prices
If you are buying a house by taking a home loan on expensive installments, then keep in mind the location where you are buying the house. Choose a place where the house prices grow by eight to ten percent every year. Also, the rent is also good. By the time the home loan is repaid, the house price should triple.
Buying a house is a big task. This decision should never be taken in a hurry. Do not decide to buy a house as soon as you get your first job. Let your job become stable first. Do some saving. Do not put the burden of EMI on yourself all of a sudden. This decision can be harmful in the future.