shivam saini

How to find out if you can really afford to Buy a house

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 it does, you must buy it because that money spent may be worth it for you..

Here are a few pointers to remember or to do checklist while buying a house, so that you know you’re making a purchase of House which is well within your affordability

– Have at least half the total value of the house as your net worth while applying for a housing loan – this may be money in retirement accounts, stocks, bank deposits, equities, etc.

– If you don’t wish to take a loan, your wealth should be at least 1.5x the value of your house.

no more than 30% of your monthly in hand income should go into paying the EMI for your loans

– Take a term insurance with a cover at least equal to the value of the housing loan – your banker may mandate it.