- Even those with a salary of 30,000 can own their own house!
- Just do the calculation of EMI and Down Payment
- How much money is needed to buy a house worth Rs 15 lakh?
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How much can a home loan cost in a salary of ₹30,000?
If you take a home loan of ₹10 lakh, the EMI can be around ₹10,000 per month depending on the interest rate and loan tenure. But the actual EMI will depend on the bank's interest rate, loan tenure and other conditions. So, before taking a loan, it is important to decide whether you will have enough money left to cover the remaining household expenses after paying the EMI.
Understand the math behind the ₹30,000 salary
Suppose your monthly income is ₹30,000. Your cost calculation will generally look like this:
Gross Salary: ₹30,000
Household and grocery expenses: ₹8,000
Electricity, mobile and other bills: ₹3,000
Travel Cost: ₹4,000
Other family expenses: ₹5,000
Total Cost: ₹20,000
Balance after expenses: ₹10,000
In this example, the saving is ₹10,000 per month after deducting all expenses. This does not mean that you should invest the entire amount in EMI. It is also important to have money for unexpected expenses and emergencies. Determine your EMI based on your actual expenses.
How much money is needed to buy a house worth Rs 15 lakh?
Let's say you like a house worth Rs 15 lakh. If the bank gives you a home loan of Rs 12 lakh, you have to invest the remaining Rs 3 lakh from your own pocket. This amount is called down payment. Keep in mind that in addition to the down payment, you may need additional funds for registration, stamp duty and other necessary expenses. Therefore, it is not enough to just arrange a loan before buying a home; Your savings must also be ready.
If Rs 5,000 is saved per month, how many years will it take to accumulate the money?
You can use regular savings for the down payment. If you save Rs 5,000 per month, the calculation will be as follows.
* In 1 year: ₹60,000
* In 2 years: ₹1.20 lakh
* In 3 years: ₹1.80 lakh
This amount is without considering any interest or return on investment. Thus, ₹1.80 lakh can be accumulated in three years. Reaching the down payment target of ₹3 lakh may require more time or additional savings.
Keep these things in mind while taking a home loan
Experts advise to compare the interest rates, processing fees and repayment terms of different banks before taking a loan. Don't make decisions based on low interest rates alone. Keeping your job, income and bank documents organized can also be helpful.
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