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

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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)

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New Delhi-Gurgaon

New Delhi-Gurgaon
The maximum number of houses available in New Delhi is in Rs 1-5 crore bracket. So, to buy a house of Rs 1 crore

Your Down payment at 15% = Rs 15 lakh
EMI/Month= Rs 76,476
Salary/Month= Rs 2 lakh

Noida

Noida
The maximum number of houses available in Noida is in Rs 60 lakh- 1crore bracket. So, to buy a house of Rs 60 lakh

Your Down payment at 15% = Rs 9 lakh
EMI/Month= Rs 45,886
Salary/Month= Rs 1,50,000

Bengaluru

Bengaluru
The maximum number of houses available in Bengaluru is in Rs 1-5 crore bracket. So, to buy a house of Rs 1 crore

Your Down payment at 15% = Rs 15 lakh
EMI/Month= Rs 76,476
Salary/Month= Rs 2 lakh

Pune

Pune
The maximum number of houses available in Pune is in Rs 60 lakh- 1crore bracket. So, to buy a house of Rs 60 lakh

Your Down payment at 15% = Rs 9 lakh
EMI/Month= Rs 45,886
Salary/Month= Rs 1,50,000

Mumbai

Mumbai
The maximum number of houses available in Mumbai is in Rs 1-5 crore bracket. So, to buy a house of Rs 1 crore

Your Down payment at 15% = Rs 15 lakh
EMI/Month= Rs 76,476
Salary/Month= Rs 2 lakh

Hyderabad

Hyderabad
The maximum number of houses available in Hyderabad is in Rs 20 lakh- 40 lakh bracket. So, to buy a house of Rs 20 lakh

Your Down payment at 15% = Rs 3 lakh
EMI/Month= Rs 15,295
Salary/Month= Rs 1 lakh

Chennai

Chennai
The maximum number of houses available in Chennai is in Rs 20 lakh- 40 lakh bracket. So, to buy a house of Rs 20 lakh

Your Down payment at 15% = Rs 3 lakh
EMI/Month= Rs 15,295
Salary/Month= Rs 1 lakh

Ahemdabad

Ahemdabad
The maximum number of houses available in Ahemdabad is in Rs 40 lakh- 60 lakh bracket. So, to buy a house of Rs 40 lakh

Your Down payment at 15% = Rs 6 lakh
EMI/Month= Rs 30, 590
Salary/Month= Rs 1,20,000
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