Home Loan Tips: Remember this formula while buying a house, you will not have to bear the burden of EMI...
Buying a house is a big achievement for the middle class. Especially for those people who are employed and support their household with a salary of Rs 60 to 70 thousand every month. Such people mostly buy houses or flats by taking home loans. But a large part of the salary is spent every month on paying loan EMI. Whereas a home loan is a long-term loan, in such a situation this situation persists for a long time, and due to this many times the household budget gets disturbed and disputes over money start in the house. This is a common story in many homes.
But if you buy a house with complete planning and calculation, then your housing requirement will be fulfilled and you will be able to fulfill all the needs of the house easily. Financial expert Deepti Bhargava says that while buying a house or flat, everyone, especially the employed, should adopt the formula of 3/20/30/40. Due to this, even after purchasing the house, there will not be too much pressure on the family and the household budget will also not be disturbed.
Understand the formula like this
In this formula, 3 means that whatever house you are going to buy, its cost should not be more than three times your total annual income. That means, if your annual income is Rs 10 lakh then you can buy a house or flat up to Rs 30 lakh.
If we talk about 20, it means the tenure of the loan. A middle-class person definitely needs a loan for such a big expense. Actually, the shorter the loan tenure, the better. But so that EMI does not become a burden and you keep paying it easily, for this you can fix the tenure of the loan up to a maximum of 20 years. Do not do more than this at all.
30 means your EMI. Whatever you earn, your EMI should not be more than 30 percent of what you earn. Suppose you earn Rs 70 thousand every month, then your EMI should not be more than Rs 21 thousand.
40 means your down payment. Whenever you buy a flat, you have to make a down payment. Try to make up to 40 percent down payment. With this, you will have to take a minimum loan and if you take less loan then you can repay it in smaller installments and in less time. For example, suppose your annual income is Rs 10 lakh and you buy a flat worth Rs 30 lakh, then you should make a down payment of around Rs 12 lakh. In such a situation, you will have to take a loan of only Rs 18 lakh. In this situation, the EMI that will be made will not be so much that you cannot pay it easily.
How much will be the EMI on a loan of Rs 18 lakh?
If you are taking a home loan of Rs 18 lakh from SBI, then according to the SBI Home Loan Calculator, the interest on it will be 9.55 percent. In such a situation, if you take it for 15 years then you will have to pay an EMI of Rs 18,850 and if you take it for 20 years then you will have to pay Rs 16,837. In such a situation, all your work will be done easily.
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