By Admin 
1 Crore Home Loan EMI Calculation: It is often seen that most people dream of buying their own house. Everyone wants a house. But rising property prices have not made it easy for the common people. Along with big cities, property prices are now skyrocketing in small cities too. Now a house costing up to Rs 1 crore has become common. Due to such inflation, many people choose to buy a house by taking a home loan directly from the bank.
If you are also planning to buy a house worth around Rs 1 crore and are thinking of taking a loan for it, then it is very important for your monthly income to be correct. Due to wrong planning, the EMI burden may increase later.
In such a situation, it becomes important to know what your monthly salary should be to buy such an expensive house and at the same time you should also know your financial position.
How much money will have to be invested initially while buying a house?
If you are planning to buy a house worth Rs 1 crore through a loan, then you will have to pay a huge amount from your pocket first. Generally, banks give home loans only up to 80 percent of the value of any property.
In such a situation, you will have to pay the remaining 20 percent i.e. approximately Rs 20 lakh as down payment. After this you can get a loan of around Rs 80 lakh. Apart from this, house registration, stamp duty and other legal procedures can also cost around Rs 5 to 7 lakh separately.
How much EMI will have to be paid every month
While taking a home loan, it is important to pay attention to the interest rates also. Interest rates are different in different banks and may change as per the customers. Generally home loan interest rates start from around 7 percent.
In such a situation, if a person takes a loan of Rs 80 lakh for 30 years at 8 percent interest, then he will have to pay EMI of about Rs 58,701 every month.
According to this, what should be the salary?
Experts say that your EMI amount should not be more than 30 percent of your monthly income. That means in this situation you will have to earn a salary of around Rs 2 lakh to buy a house worth Rs 1 crore. Only then will you be able to meet your other expenses along with EMI payment.
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