Here's the salary you must earn to buy a home in these 8 major Indian cities

Buying your dream house can be considered as one of the biggest achievements as people save and invest their entire lives to buy a property of their own.

Investing in a residential property is a different ballgame altogether as it involves a lot of hard work and patience. The costs are high, so is the emotional attachment.

So, one has to be very careful and realistic about buying own property. If you are a salaried employee, you will have to save your income so that you can buy a house of your own choice.

The price of the house depends on various factors such as locality, nearby facilities, availability, etc.

If you are out to buy a house on EMI basis, we have calculated how much salary you would require to pay off your EMI through the Magic Bricks calculator.

As per the realty site, one can get 5-10 times your annual salary as the loan amount. Lenders expect you to pay at least 15-20% of the home purchase amount as down payment and the remaining is the loan.

We calculated the EMI amount keeping 20 years as the loan tenure, 9% as the rate of interest and kept the existing loan commitments as zero. We took downpayment at 15%.

Keep all these things in mind, Here’s how you much you should earn in these Indian cities to buy your dream house


(Images: Indiatimes)