How can I save money to buy a house in Chennai?

At what salary should I buy a house?

You can always upgrade to a bigger house when your income rises five-ten years down the line. The thumb rule that people should follow while buying a house is that their home loan EMI should not be more than 35-40% of monthly net income.

Which place is best to buy home in Chennai?

If you are looking to buy a property in Chennai, then Old Mahabalipuram Road (OMR), Velachery, Medavakkam, Guduvancheri and Porur should be the ideal choices. As per PropIndex, the quarterly research report of Magicbricks, these five locations are the top five preferred localities in the city for buying properties.

How can I save money to buy a house?

Ways to save money when buying a house

  1. Find an experienced real estate agent. …
  2. Save at least 20% for the down payment. …
  3. Improve your credit score before buying. …
  4. Buy during the winter months. …
  5. Negotiate any closing costs you can. …
  6. Consider a shorter-term mortgage. …
  7. Make extra payments. …
  8. Refinance your home mortgage.
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How much does a house cost in Chennai?

To localities in Chennai include Thiyagaraya Nagar where average property value is Rs 18,890 per sq ft, followed by Purasaiwakkam with average value at Rs 12,000 per sq ft.

Property Rates & Price Trends in Chennai – 2020.

Locality Name Avadi
Buy Rates Price range per sqft 1,818 – 6,466 / sqft
Avg price per sqft 5,847.76 / sqft
Price rise -5%
Trend See trend

How much loan can I get on 60000 salary?

However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs.

Multiplier Method.

Salary Expected Personal Loan Amount
Rs. 40,000 Rs. 10.80 lakhs
Rs. 50,000 Rs. 13.50 lakhs
Rs. 60,000 Rs. 16.20 lakhs

How much money should I save before buying a house in India?

If you calculate the extra expenses like registration fees, loan application fees, furniture and interior designing costs, you will actually need to have close to Rs. 40 lakhs saved up before you can buy a house for Rs. 1cr.

Which area is rich in Chennai?

1. Adyar. Adyar is situated in southern Chennai and is one of Chennai’s largest and most prominent neighborhoods. Sub-localities of Adyar include Gandhi Nagar, Kasturibai Nagar, Nehru Nagar, Indira Nagar, Venkatarathnam Nagar and Shastri Nagar.

Which area is cheapest to buy a house in Chennai?

The Top 5 Affordable Localities in Chennai

  • Pallikaranai. Pallikaranai was featured as one of India’s ‘top residential hotspots’ in a 2019 report released by Jones Lang LaSalle as an area that has a well-developed social infrastructure, excellent connectivity, and is affordable. …
  • Guduvanchery. …
  • Oragadam. …
  • Mannivakkam. …
  • Perambur.
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Where do the rich people live in Chennai?

Boats club seems to be the preferred location for millionaires in Chennai. The area is near the mouth of the Adyar river and is surrounded by lush greens. Being a millionaire would not even get you close to this boundary. The land value in this part of the city easily touches 10 crores / ground.

How can I save for a house in 5 years?

Look at houses in the area you want to buy. Calculate a 10% or 20% down payment based on your goals. This is the amount you need in savings at the end of the 5 years. It’s wise to add in an additional $10,000 to cover closing costs and moving costs.

How much money should I save before buying a house?

If you’re getting a mortgage, a smart way to buy a house is to save up at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees. So if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses.

How much should I save a month to buy a house?

1. Determine how much you can afford each month. The rule of thumb is to spend no more than 25% of your monthly take-home pay on your mortgage payment. If you tie up too much of your budget in your monthly payment, you leave yourself unprepared to face emergencies or embrace opportunities.