It’s a question that many people ask.
According to a report by Bloomberg Businessweek, only 5% of Indian households can afford a mortgage.
That figure has dropped to 3% in Mumbai, 3% of Kolkata, and 2% of Bangalore.
And as we’ve said, a lot of Indians don’t have the funds to pay for the house.
This can lead to the question, why don’t we have a mortgage?
The answer is pretty simple.
Most Indian households don’t even have credit cards or bank accounts.
Even the cheapest credit cards in India are Rs2,000 (around $2,400) or Rs5,000.
So you don’t really have any access to credit in India.
And even the cheapest loan available in India is Rs50,000 ($80,000) for a one-bedroom apartment.
So, if you’re borrowing money to buy a house, there’s a pretty big hurdle for you to clear.
The cost of financing 1.1.
How much does it cost to finance a house?
Most of the time, a house will cost less than 10% of the value of the property.
But some cities like Mumbai and Chennai offer mortgages with a much higher interest rate, up to 5% per year.
Even in Kolkattam, the city in India’s southernmost state, the average rate is 12.8%.
So it’s a bit more expensive to buy property in Mumbai than in Chennai.
It can be even more expensive in other parts of the country.
But that’s not to say you can’t get a loan if you want to finance the purchase of a house.
The most affordable house in the country, according to a local real estate agent, is a 1.8-acre house in a middle-class suburb of Mumbai.
That house, worth about $500,000, can be bought for about $400,000 by a buyer who pays about Rs50 lakh.
So it can be cheaper to buy the house than to pay off the mortgage.
But you’ll have to pay higher interest rates if you do so.
You’ll need to borrow a lot more than what you’ll pay on your mortgage.
So don’t think that if you can afford the house that you’ll be able to afford the mortgage, says Rahul Narain, the chief executive of the India Mortgage Bankers Association.
You need to have at least Rs50 million to buy it.
If you can only afford Rs50 thousand, then it won’t be worth it. 2.
The credit score There’s a big difference between a credit score and a loan.
A credit score is a numerical credit score of the banks that you’re applying for a loan with.
This is usually a credit rating from the credit rating agencies.
The higher the credit score, the more attractive the interest rates and the higher the loan amount.
A loan without a credit is a loan of about the same amount as your credit score.
So if you get a low credit score or don’t qualify for a credit card, the lender may not be willing to lend you money.
A high credit score will be attractive.
If the loan goes to someone with a high credit rating, the interest rate will be lower and the interest payments will be more generous.
The same applies to a loan on a property.
If your credit card or bank account is delinquent, you won’t get the loan you want.
The interest rate If you have a low loan amount and don’t meet the minimum repayment threshold, your interest rate might be higher than the minimum payment threshold.
If that’s the case, it may not pay off your loan.
For example, a 1,000-crore mortgage with a 3% interest rate that was paid off with about Rs40 lakh (about $8,200) will only be paid off at a rate of 3% per annum.
But if your mortgage was paid at 3% for a period of 5 years, you’ll only pay off about 1% of your loan every year.
This means you’ll need at least $40 lakh to pay it off.
If a loan goes bad, your lender may take a loan from a third party, which means the interest will go up.
You might even have to repay your mortgage upfront.
If this happens, the credit report may not reflect it. 4.
The minimum payment It’s also worth remembering that in India, the minimum amount you have to make to be eligible for a mortgage is Rs30 lakh.
If it’s higher than that, the lenders won’t consider it.
You should also know that your mortgage will depend on how much money you have left over when you get your loan, says Narain.
In case you have enough money, you can take out a loan for as much as you want, he adds.
But the interest you’ll get is a fixed amount.