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Every person has a dream that he has his own home. But in today’s era Rising prices of inflation and real estate Has made it difficult. People start planning to buy a house as soon as they get a job and for this Home loan Take However, the loan taken without planning can later become a financial burden.
So it is important that you Your salary, expenses and EMI Balance to be wisely Know in which situations it would be right to take a home loan.
1. Do not hurry to buy a house as soon as you get a job
Nowadays, especially in metro cities, youth take home loans as soon as they get jobs. It is easy to get a loan, but repaying EMI becomes a big responsibility every month. So the first step is – Evaluation of your financial status to do.
2. Evaluate income – rent vs EMI
You should think that Living on rent is cheaper or taking EMI homeIf your income is limited and in the initial career, staying for a few years can be a sensible decision.
3. EMI and balance in salary required
When you take a home loan, your EMI of your salary Should not exceed 25%i.e:
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If ₹ 50,000 is salary, then the maximum EMI should be up to ₹ 12,500
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EMI ₹ 17,500 at ₹ 70,000 salary
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EMI ₹ 25,000 is appropriate at ₹ 1 lakh salary
This will not affect your other expenses and savings.
4. How to calculate salary and home loan?
If your salary is between ₹ 50,000 to ₹ 70,000, then:
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Loan up to ₹ 25 lakh Taking it is considered safe
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Its EMI will be around ₹ 18,000- ₹ 20,000 (in a period of 20 years)
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Financial pressure may increase by taking more loans
If you want to take a loan of ₹ 30 lakh, it would be better that you first Save more down payment Reduce EMI by doing it.
5. How much home loan is taken on how many salary?
6. Take home loan only if you have a stable job
Home loan one Long -term financial responsibility Is. If your job is stable, then take a loan. If you are a freelancer, in a contract job or a transfer job, think twice before taking a loan. Any Job change or instability It can be difficult to repay EMI from.
7. Is it necessary to buy a house today?
The decision to buy a house is not emotional Financial planning based Should be. Unless you are sure that you stay in the same city the next 10-15 years, it may be better to stay on rent. Meanwhile you Savings and investment You can prepare yourself for better down payment.
