First of all one must know that one must have a yardstick to know whether the property price is cheap or affordable. As per available international standards we can say that property is cheap if your EMI is less than 37% of income & we can call it as affordable if it’s under 50%. We have applied Australian standards as only authenticated information from that particular source is only available.
EMI Payment Rule
While buying a house, the rule which needs to be applied for home loan EMI should not be greater than 28-30% of net income & total EMIs should not be more than 36%.
Hope you apply these rules and do not let a house become a liability like Michal Jackson who bought a fairy tale house but could not afford to pay its maintenance and other EMIs and died bankrupt. You can check out Warren Buffett House here to understand the difference being rich and intelligent.
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