Calculate how much home you can afford
Housing costs (mortgage, taxes, insurance) shouldn't exceed 28% of gross income. Total debt payments (housing + other debts) shouldn't exceed 36%. This ensures financial stability.
Minimum varies: 10-20% for most conventional loans, 5-10% for some first-time buyer programs. Higher down payment means lower EMI, less interest, and no PMI (at 20%+). Save for 3-6 months expenses too.
Salaried: base salary + regular allowances + 50% of variable pay. Self-employed: average of 2-3 years ITR. Co-applicant income can be added. Higher stable income = higher eligibility.
Higher credit score (750+) gets lower interest rates, increasing affordability. A 0.5% rate difference on ₹50 lakh over 20 years = ₹6+ lakh in savings. Check and improve score before applying.
Registration and stamp duty (6-8%), interior/furnishing, moving costs, immediate repairs, society deposits, parking fees, and ongoing maintenance. Budget 10-15% beyond property price for these.
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