The home affordability calculator will assist you how much you can afford to mortgage to buy a new home. This simple tool will work it out by looking at your gross monthly income and your outgoings.
The calculator looks into your financial status after you enter details about your income, initial payment, and any existing EMI or monthly debts and thereafter you can estimate your financial position that work with your budget and help in buying process.
To calculate your general affordability range, the calculator takes following input from you and it takes a minute to complete:
Monthly Income: Monthly gross income, before accounting for taxes or deductions. Do not add up your bonus income.
Existing EMIs: Please provide all of your existing financial obligations – e.g. home loan, personal loan, vehicle etc.
Down Payment: An initial payment that has to be contributed, in addition to the loan sanctioned. It usually lies between 10% - 25% of the property value
Loan Interest Rate: Rate of interest levied on your home loan per annum
Loan Tenure: Home loan tenure can up to 30 years. As a standard, bank allow loan term up to the number of years left for retirement