Home Loan EMI: Buying a house or staying in rent is a big question. Many people are in a dilemma whether they should buy a house or stay in rent. People give their arguments in favor of both. Buying a house or staying in rent is a big question. Buying a house saves rent, but one has to pay home loan EMI.

Living on rent allows one to easily change the house when the job changes, while there is also profit when the price of the house increases. Apart from all this, the most important thing is whether your salary allows you to buy a house or not. It is most important to assess your financial situation.

It is a popular belief that people should not buy a house until they have collected an amount close to the price of the house. But in this sense, buying a house in today's time will be impossible for most people, but people are now slowly changing their thinking and buying houses with the help of a home loan. We will tell you what salary you should take a home loan for and how much you should take.

How much should be the salary?
Your salary will depend on how much house you are buying. Your EMI should not be more than 20-25% of your salary. For example, with a home loan of 25 lakhs at an interest rate of 8.5% and a tenure of 20 years, your EMI will be around Rs 21,600 per month. For this, your monthly salary should be around Rs 1,00,000.

Can't buy a house for 50 thousand?

You can buy a house even on a monthly salary of Rs 50,000 by taking a home loan with an EMI of ₹ 10,000. This is possible if you are looking for a small house and you only need a loan of Rs 10-12 lakh. This much EMI will be affordable according to your income. However, if you are thinking of taking a loan of Rs 25 lakh on this income, then it will not be right because such a large EMI can take a toll on your financial situation. Taking a large loan on a low income can be risky for your financial stability.

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