Home Affordability Calculator

Determining how much home you can afford is crucial for successful home buying. Our calculator considers your income, existing debts, down payment capacity, and other factors to provide realistic affordability estimates.

The calculator follows the 40% rule where total housing costs should not exceed 40% of your monthly income, ensuring comfortable repayment without financial strain.

Affordability Factors:

• Monthly Income: Gross monthly income from all sources
• Existing Debts: Current EMIs and monthly obligations
• Down Payment: Upfront payment capacity (typically 10-20%)
• Interest Rate: Current home loan rates
• Loan Tenure: Repayment period (15-30 years)

Housing Cost Components:

• EMI: Monthly loan installment
• Property Tax: Annual property tax divided by 12
• Maintenance: 1-2% of property value annually
• Insurance: Home insurance premiums
• Society Charges: Maintenance and amenity fees

Affordability Rules:

• 40% Rule: Total housing costs ≤ 40% of income
• 28% Rule: EMI alone ≤ 28% of income (conservative)
• Debt-to-Income: Total debts ≤ 50% of income
• Emergency Fund: Maintain 6 months expenses after purchase

Down Payment Guidelines:

• Minimum: 10-20% of property value
• Recommended: 20-25% for better loan terms
• Benefits of Higher Down Payment: Lower EMI, better rates
• Sources: Savings, investments, family support

Additional Costs to Consider:

• Registration: 1-2% of property value
• Stamp Duty: 4-8% depending on state
• Legal Fees: 0.5-1% of property value
• Home Inspection: ₹5,000-15,000
• Moving Costs: ₹10,000-50,000

Features:

• Calculate maximum affordable home price
• Consider all housing-related costs
• Income and debt analysis
• Down payment planning
• Personalized affordability recommendations