Buying a house is definitely a huge decision. There are several factors that are involved in buying a house and of course budget is the most important one. Here are a few points you should consider while setting a budget while buying your house:
1. Calculate how much amount you can afford depending on your monthly and annual salary. The EMI should be at the most 40% of your monthly income (should be between 25-30% ideally). (To determine if a home is affordable, calculate your entire debt-to-income ratio: all your monthly expenses divided by your gross income.)
2. You should also consider that a bank doesn’t provide a 100% home loan. You need to have at least 15-20% down payment ready.
3. There are other expenses that are involved such as stamp duty charges, brokerage fees (if any), insurance and so on.
4. Estimating the returns on the investment: It is as important as finding a house. In case you plan to sell the property, you should be able to get a better return. Hence, this factor is also an important aspect while buying a house.
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How do I decide what my budget should be for buying a house property?
Parag
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1 Answers
4 Year
2020-12-14T18:47:41+00:00 2020-12-22T22:16:41+00:00Comment
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