The article outlines the monthly income needed to afford a home loan for properties priced at ₹50 lakh, ₹75 lakh or ₹1 crore, based on estimates from Gaurav Garg of Lemonn. Assuming a 20% down payment and a 20-year loan at an illustrative 8.5% interest rate, monthly EMIs would be about ₹34,700, ₹52,100 and ₹69,400 respectively. To keep EMI within 35–40% of take-home pay, buyers should ideally earn around ₹87,000–₹1 lakh for a ₹50 lakh home, ₹1.3–₹1.5 lakh for a ₹75 lakh home, and ₹1.74–₹2 lakh for a ₹1 crore home. These estimates assume no major existing loans, and buyers must also budget for stamp duty, registration, interiors, maintenance and emergencies. The article stresses that affordability means the EMI can be paid comfortably, not just that a loan is approved, and that even small rate differences can significantly change total repayment.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Home loan EMI : How much salary do you need for a ₹50 lakh , ₹75 lakh or ₹1 crore home ?
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