How much money do you need to buy a house in an urban city in India?
In India, buying a home is on the bucket list of many, including yours. This is because buying a home helps you ensure a roof over your and your loved ones' heads, build equity, and boast pride of ownership. It also lets you curate your home according to your lifestyle needs.
A Home Loan is a Secured Loan you can obtain from any bank to finance your property purchase by offering it as collateral. Features like competitive interest rates, flexible tenures, and Equated Monthly Instalments make the Loan repayment affordable. This means you can buy your dream home without compromising your lifestyle.
Let us learn how much money you need to buy a house in an urban city, helping you make a suitable Home Loan application. Here are some factors:
Location
Location is aa primary factor influencing a property's value and its appreciation potential. It also dictates connectivity. Buy a home in a prime location. This ensures you can buy the house at a fair value and enjoy incredible capital appreciation in the long run. It also lets you commute to your workplace or anywhere else in the city by your preferred mode of transportation without experiencing any hassles.
Typically, Rs. 1 crore is a decent amount to buy a home in a major city in India. You can buy a good house at this amount. Furthermore, Rs. 1 crore Home Loan EMI is affordable, ensuring you do not feel burdened while realising your dream of buying a house.
Carpet area
The carpet area is the usable floor area of an apartment. It is different for every house and residential project. The carpet area directly influences the property's total value. This means if you desire a significant carpet area, you need to invest a considerable amount in buying a home. Here, Rs. 1 crore is a reasonable amount to buy a house with sufficient carpet area in a major Indian city. Approach real estate agents, consultancies, and websites to explore houses with desirable carpet areas within your budget.
Amenities
Amenities are features that make a living space more comfortable and desirable. Common amenities include a swimming pool, gym, and indoor and outdoor play areas. Since these amenities contribute to the overall living experience, they impact the property value. If you wish to experience best-in-class amenities, buy a home in a reputed builder's residential project. You will need an adequate amount to finance the home purchase.
Rs. 1 crore is a fair amount to buy a 1BHK in a major city in India. Use the Home Loan EMI calculator to precisely determine the Rs. 1 crore Home Loan EMI. This helps you determine your Home Loan eligibility and subsequently plan repayment. Log on to any bank's website/ app to access the calculator free of charge.