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Introduction
September 18 , 2012

Buying home is an important goal for most Indians. We dream of it from the time of our first job. Many start saving hard right from the beginning to make their dream come true. Yet for many, particularly those in the metro cities this dream is flying more and more out of reach. Property prices have been soaring. To buy a flat in the heart of a city like Mumbai, you'd have to be a multi-millionaire.

Unlike in most developed countries where on an average people can buy homes for 5 times their annual salary. This means that if they accumulate 5 years of salary that would be sufficient to buy a decent home. This number is several times more in India. It is therefore the norm in India to buy a home on loan.

The first thing to know before buying a house is how much you can afford. This will in turn decide whether you can own a 2 BHK or a 3 BHK, in a downtown area or in the outskirts of your city or town. Unless you have a good estimate of this you could be disappointed to find that you must compromise on the location or the size of the house you've been dreaming of.

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