What percentage of my monthly income should i give as EMI

Q: What persentage of my monthly income should i give as EMI

hi, i m looking to buy a property i m not sure that what should be my budget to buy a property in comparison to my monthly income. please suggest?

Doel Singha, Ghaziabad

22nd February 2013

Home Loan in Delhi

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What are the documents needed to apply for a bak loan , can any one illustrate and tel me properly. i wanna take one loan and realy have no clue about it.

Aisha, Noida

4th April 2013

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this also depend on how much and what is your budget for the property. If you are looking for 4 bhk and the cost of living is also high and you have a fa,ily member of 4-5 people , then my friend you need to re think your budget accroding to your income. How much can you afford?

Ruchi Mishra, Noida

27th February 2013

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If you ask me i would be more comfortable with 25-30% of take home and I would not include the allowances and perks. You know why i am suggesting this because for 25-30% is that a 25% escalation in EMI with interest rate movements is common with floating rates, which will push from 30 to 40% as EMI anyway. Also - you need to live. One should not compromise on quality of life. It is also much safer to purchase flat with higher component of savings and reducing EMI.

Manisha Soori, Gurgaon

27th February 2013

Comment

Normally if u ask me 30-40% of the property cost should be the minimum down-payment and the loan tenure should not be more than 10-12 years.Also the EMI after Down-payment should not be more than 20-25% of in-hand(for under-construction) and 30-35% if ready to move.

Nishant Pathak, Gurgaon

25th February 2013

Comment

It totally depend on the salary part of yours , if you can u get flat in 40% of your yrly salary. u can only pay 40% as EMI. Also a prudential borrower, you should keep home loan EMIs under 40% of your take home salary.

Baldeep Singh, Gurgaon

25th February 2013

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