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House Calculator

Planning to buy a new house is a complex and draining process. And looking for a new house is just one part of it; selecting a housing company and arranging for a loan can cause major headaches to people. There are a plethora of questions that one needs to answer while making this decision: How much loan do I require? What should be the EMI that I should opt for? How much should I save monthly in order to achieve my goal? Let’s see how to answer these questions and the tools that can help us do that.

Outlining a budget

Homebuyers tend to look at a house in terms of what they wish it to be and where do they want to own it. Though this is important, it is even more important to know what kind of house or location is affordable given one’s financial capabilities.

• In order to ascertain this, you can make use of various online tools available to you.
• You can outline an overall budget and start house hunting accordingly.
• Given the nature of the expense, which is the largest they’ll ever make for most people, outlining a budget and sticking to it becomes crucial. While one can go over budget when purchasing most other items, a house is not one of them.
• Typically, it is recommended that a maximum of 36% of your gross income should be considered for your EMI. Thus, if your gross monthly income is Rs 1,00,000, then a comfortable level of EMI should be up to a maximum of Rs 36,000.
• You can also term it as the debt to income ratio, or how much debt does your income allow.

The 36% rule has been tried and tested and so can be considered to be an apt starting point in your search for an affordable house.

How much mortgage can I afford?

In order to determine the amount of mortgage you can afford, you can start with trying to determine the EMI, which would then help you assess the total loan you should apply for, and also the type of house (given its price range) that you can look for.

It is generally advised that a maximum of 28% of your gross monthly income should go into paying back your loan. The gross monthly income should not include any pre-existing debt.

There is some flexibility in this, though, as for those people who have an expansive lifestyle, the 28% figure may be high, and they should consider choosing an even lower figure. On the other hand, people who are frugal in their spending can increase this percentage which can allow them to either take a higher loan or shorten the loan tenure.

Determining the maximum EMI that your salary allows helps you to make financially sound decisions. This will help you at the time of applying for a loan. A lender may be willing to provide you loan for a higher amount than what you have worked out. But if that is not feasible financially, you can decline such an offer.

Using online resources

Future home buyers need to have a lot of information ready before they proceed to select their ideal house as well as approach a home financing company to avail of a loan. There are online resources which can help you in ascertaining the future value of the dream house.

This calculator provided by Orowealth can not only do this but also tell you how much you need to save monthly in order to fulfill you aim of buying your dream house.