🏠 Home Buying Planner
A step-by-step journey to plan your dream home. From understanding your real take-home pay to finding an affordable EMI and saving for your down payment.
1
Salary
2
Budget
3
Savings
1
Check your take-home pay
How much do you actually have to spend each month after taxes?
Monthly In-Hand
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2
Find an affordable loan
Based on your salary, what is a comfortable EMI?
Why does EMI matter?
Your Equated Monthly Installment (EMI) determines your monthly cash flow. A high EMI leaves little room for emergencies or other investments like retirement.What is a healthy debt ratio?
Ideally, your total debt (Home Loan + Car Loan + Credit Cards) should not exceed 50% of your net income. This is known as the Debt-to-Income (DTI) ratio.⚠️ Common Mortgage Mistakes
- Maxing out your budget: Just because a bank *will* lend you a certain amount doesn't mean you *should* borrow it.
- Forgetting hidden costs: Property taxes, maintenance, and insurance can add 15-20% to your monthly cost.
- Ignoring the tenure: Choosing a 30-year loan significantly increases the total interest you pay compared to a 20-year loan.
Monthly EMI
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% of Salary
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3
Plan your down payment
How much do you need to save every month for the initial 20% deposit?
Monthly Savings (SIP)
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🎉 Your Home Buying Plan is Ready
Here is a summary of your path to homeownership based on your inputs.
Next Steps for You:
- Check Credit Score: Ensure your score is above 750 to get the best interest rates.
- Emergency Fund: Before starting your home search, ensure you have 6 months of expenses saved.
- Tax Benefits: Remember that home loan interest and principal repayments offer tax deductions in many countries.
Finished Home Buying Planner?
Step up: Retirement Planning
Use your leftover monthly savings to plan for early retirement.