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Curious about Home Affordability

How much home can I afford based on my income?

Curious about Home Affordability

The amount of home you can afford based on your income depends on various factors, such as your monthly income, expenses, debts, credit score, and the current interest rates. As a general rule of thumb, your housing expenses, including your mortgage, property taxes, and insurance, should not exceed 28% of your gross monthly income. Additionally, your total monthly debt payments, including your housing expenses, should not exceed 36% of your gross monthly income.

For example, if your gross monthly income is INR 100,000, your housing expenses should not exceed INR 28,000, and your total monthly debt payments should not exceed INR 36,000. However, this is just a general guideline, and you should also consider your other financial goals and priorities when determining how much home you can afford. It's a good idea to consult with a financial advisor or a mortgage lender to get a more accurate estimate based on your specific financial situation.

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