Kathmandu. Making a financial plan before buying a home is like creating a blueprint for your home. A well-planned approach can help first-time homebuyers avoid financial stress and distress. For first-time home buyers, there is a 3-20-30-40 rule. Understand how it works: <\/p>\n
Don’t buy a house that is more than 3 times your annual income: TAG_CLOSE_span_13 The value of a house should not be more than 3 times your annual income.TAG_OPEN_span_13 For example, if you earn around Rs 12 lakhs annually, consider buying a house up to Rs 36 lakh. <\/p>\n
20-year loans: <\/span> Choose a loan with a tenure of 20 years or less. You’ll pay off debt faster and save a significant amount in interest over time. <\/p>\n 30% EMI: <\/span> You should ensure that the EMI of your new home does not exceed 30% of your monthly income. If you earn Rs 1 lakh per month, then the EMI should not be more than Rs 30,000. This will help you cover the rest of your expenses. <\/p>\n 40 percent down payment: <\/span> Aim for a down payment of at least 40 percent of the cost of the home. For example, if you are planning to buy a house worth Rs 50 lakh, you should save 40% down payment. That’s Rs 20 lakh. It may take some time to save a large amount of money but it can help ease your interest burden. <\/p>\n Currently, there is a liquidity crunch in banks and financial institutions. You can easily get a home loan if you meet certain conditions of the bank. Home loan interest rates are also in single digits.<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. Making a financial plan before buying a home is like creating a blueprint for your home. A well-planned approach can help first-time homebuyers avoid financial stress and distress. For first-time home buyers, there is a 3-20-30-40 rule. Understand how it works: Don’t buy a house that is more than 3 times your annual income: […]<\/p>\n","protected":false},"author":16,"featured_media":207692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45117,45159],"tags":[],"class_list":["post-303392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-finance-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/303392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=303392"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/303392\/revisions"}],"predecessor-version":[{"id":303393,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/303392\/revisions\/303393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/207692"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=303392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=303392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=303392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}