While buying a property, you need to have at least 20% of the total amount to invest as the down payment. While applying for a loan, banks give at the most 85% loan on the total amount. So it is essential that you have a 20% savings to be on a safer side.
According to your information, your monthly income would be around 70K per month after deductions. So it is always advisable that at the start, your EMI should be at the max 30% of your monthly salary. While the loan tenure should be around 15 years at the most.
Now, you should also consider the rate of interest, the change in the salary and other financial commitments. Nevertheless, I would suggest that you keep a bracket of price range between 25L-30L.
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My salary is 10 Lakhs per annum. What budget I shud set for myself for investing in a flat in Bangalore?
Guruprakash
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5 Year
2020-09-16T12:55:16+00:00 2020-12-15T12:31:29+00:00Comment
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