Affordability is only part of buying a flat
๐ฐ Recommended Budget Rule
๐ Your EMI must be less than : 35-40% of your income per month
๐ Recommended Budget Plan
- Monthly Income: โน80,000
- Ideal EMI Amount: โน30,000
๐ Best budget for flat purchase:
โน50-โน65 lakh
๐ฆ Flat Purchase Loan Strategy (Critical)
Home loans play a vital role in purchasing flats.
๐ฆSmart Strategies to Get Better Loans
- Maintain a high CIBIL score (above 750)
- Compare different banks
- Negotiate better interest rates
- Longer tenure gives lower EMI
๐ Effect of Interest Rate on Cost
A mere 1% change in interest rate can result in:
- Higher EMIs
- Higher loan amount repayment