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At what salary should I buy a house?

The general rule says that lenders only provide loans only up to 80% of the cost of the property. Therefore, in the case of Bengaluru, the average salary to buy a house is at least 20-30% of 15 lakhs.

magicbricks.com - Here's the Average Salary to Buy a House in 8 Major Indian Cities
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Buying a house is a huge milestone, regardless of which country or city you are in. Continuous research, reviewing, and comparing go into picking the perfect home that fits your needs. One has to be patient and careful before investing in a property. Knowing the average salary to buy a house is also crucial in deciding whether you can afford it. So, how much salary is needed to buy a home in major Indian cities? We will help you find out with this guide.

What is the Average Salary to Buy a House in Tier-1 Cities in India?

According to global reports from top real estate consultants, India's residential sales market is on a roll. Comparing the first half of 2022 with last year's, i.e. 2021, there is a whopping 60% increase in residential sales. It means that buying a house has become more affordable this year. However, the prices differ from city to city, and so does the average salary to buy a house. Take a look at the below-mentioned city-wise list to learn how much you need to earn to afford a home. A rising job market, low home financing rates, and a fading pandemic created a favourable condition for homebuyers to re-enter the real estate market. As per Magicbricks PropIndex Apr-Jun 2022, Delhi's residential real estate witnessed a surge in demand from 5.6% (searches) in Q1 2022 to 47.2% (searches) in Q2 2022. While 2 and 3 BHK units record the maximum buying interest, the luxury real estate segment also clocked in more takers than in previous quarters. The below-mentioned table depicts the price range, localities and top builders in Delhi. All these factors significantly determine the average salary to buy a house in the capital. Price Range, Top Localities and Builders in Delhi 2 BHK Price Range Rs. 25 Lakhs to 6.5 Crores 3 BHK Price Range Rs. 35 Lakhs to 25 Crores Popular Localities Dwarka, Uttam Nahar, Greater Kailash, Rohini, Janakpuri, MG Road, Laxmi Nagar Popular Builders DLF Ltd., Unity Group, Taneja Group, SK Builder & Developers, JVTS Group, Arya Group Source: Magicbricks Listings

Average Salary to Buy a House in Delhi

As a thumb rule, banking institutions sanction loans of up to 80% of the property price. Therefore, the average salary to buy a house is at least 20-30% of the lowest available flat price, i.e. Rs. 2.5 lakhs in the case of Delhi. As per Magicbricks PropIndex, Mumbai’s residential real estate observed a demand spike of 16.5% (searches) in the Apr-Jun 2022 Quarter. This increase was driven by the launch of new metro line operations and coastal road construction in the western suburbs. Proximity to airport and business hubs also boosted the demand for residential properties in several localities across Mumbai. 3 BHK units dominate the housing market in most Mumbai localities, with 2 BHK units following in order. Additionally, the demand for premium homes outshined the pre-pandemic times. The table below highlights Mumbai's price range, localities and top builders. All these factors play a key role in determining the average salary to buy a house in the city of dreams. Price Range, Top Localities and Builders in Mumbai 2 BHK Price Range Rs. 35 Lakhs to 10 Crores 3 BHK Price Range Rs. 50 Lakhs to 22 Crores Popular Localities Malad-Kandivali, Andheri West, Borivali-Dahisar, Goregaon, Andheri East, Mulund, Mira-Bhayandar Popular Builders DOSTI REALTY, Piramal Realty, Omkar Realtors and Developers Pvt Ltd., Shapoorji Pallonji Group, Arkade Group, Sheth Creators, Srishti Group

Average Salary to Buy a House in Mumbai

Since banking institutions offer up to 80% of the property, your salary should be at least 80% of the lowest available flat price. It means the average salary to buy a house is approximately 80% of Rs. 15 lakhs in the case of Mumbai. Bangalore’s housing market is booming. According to the Magicbricks PropIndex, Apr-Jun 2022, the demand (searches) surged by 18.8% in the last quarter. The quarter saw an increase in the demand for 3 BHK units, closely followed by 2 BHK units. With an increase in vaccinations and the waning impact of the pandemic, employees are returning from their hometowns, resulting in a higher demand for homes in major cities like Bengaluru. The report further depicts that localities like Sarjapur Road, Whitefield, and Kanakapura Road are the most preferred localities for homebuyers. The table below displays the price range, localities and top builders in Bengaluru. These factors play a key role in determining the average salary to buy a house in the Silicon Valley of India.

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Price Range, Top Localities and Builders in Bengaluru 2 BHK Price Range Rs. 25 Lakhs to 3 Crores 3 BHK Price Range Rs. 40 Lakhs to 8 Crores Popular Localities Whitefield, Sarjapur Road, Electronic City, Bellary Road, Kanakapura Road, Thanisandra Popular Builders Assetz Property Group, Shrira Properties Ltd., DS-MAX Properties Pvt. Ltd., Bhartiya City Developers Pvt. Ltd., Mahaveer Group Provident Housing Ltd., Salarpuria Sattva Group, Prestige Group

Average Salary to Buy a House in Bengaluru

The general rule says that lenders only provide loans only up to 80% of the cost of the property. Therefore, in the case of Bengaluru, the average salary to buy a house is at least 20-30% of 15 lakhs. Besides seamless connectivity to Mumbai and Bengaluru, Pune offers many options for homebuyers, from affordable housing to luxury homes. The city's residential market keeps improving and witnessed a demand increase of 8.1%(searches) in the previous quarter (Apr-Jun 2022). The Magicbricks PropIndex Apr-Jun 2022 further displays that even the average rate of properties has risen by 1.3% These numbers are driven by multiple factors, including favourable government policies and low-interest rates. Localities like Wagholi, Wadgaon Sheri, and Kharadi, situated near employment hubs and the airport, were preferred the most by homebuyers. The table below shows the price range, localities and top builders in Pune. These factors significantly determine the average salary to buy a house in the Oxford of East. Price Range, Top Localities and Builders in Pune 2 BHK Price Range Rs. 20 Lakhs to 2.30 Crores 3 BHK Price Range Rs. 32 Lakhs to 6 Crores Popular Localities Airport Road, Wakad, Baner, Hadapsar, Kondhwa-Wanwadi, Paud Road, Undri-Pisoli, Wagholi, Wadgaon Sheri, Kharadi Popular Builders Goel Ganga Developments, Kolte Patil Developers Ltd., Nyati Group, Kumar Properties, Kohinoor Group, Godrej

Properties, Marvel Realtors

Average Salary to Buy a House in Pune

As you already know, most financial institutions provide 80% of the total cost of a property. The average salary to buy a house in Pune is thus at least 20-30% of Rs. 10 lakhs. A city that hasn’t seen any decline in residential sales due to the pandemic is Hyderabad. It recorded its highest sales in the previous quarter by selling more than 14 600 homes. While the searches only increased by 0.2% per the Magicbricks Prop Index 2022, the overall demand for buying a house in Hyderabad will remain elevated. 3 BHK Units commanded the bulk of demand in localities like Gachibowli and Kondapur, with buyers awaiting new launches in the rest of the areas. The table below displays Hyderabad's price range, localities and top builders. These factors play an integral role in deriving the average salary to buy a house in the city of pearls. Price Range, Top Localities and Builders in Hyderabad 2 BHK Price Range Rs. 25 Lakhs to 2 Crores 3 BHK Price Range Rs. 40 Lakhs to 6 Crores Popular Localities Gachibowli, Miyapur, Kukatpally, Kondapur, Jubilee Hills, Mehdipatnam, Medchal Highway Popular Builders Urbanrise, Modi Builders, Indis, Prestige Estates Projects Ltd., Brigade Enterprises Ltd, Sumadhura Infracon Pvt. Ltd, SMR Holdings, Hallmark Builders

Average Salary to Buy a House in Hyderabad

As banks allow you to avail yourself only up to 80% of the value of your property as a loan, the average salary for buying a house in Hyderabad is around 20-30% of Rs. 13 Lakhs. Springing out of the pandemic-induced slowdown, Chennai's residential sales witnessed tremendous growth. As per the Magicbricks PropIndex, the city clocked in demand growth of 13% (searches) in the last quarter of 2022, i.e. Apr-Jun. 2 and 3 BHK units continue to hold most of Chennai's residential real estate market share. However, there is a significant rise in demand for premium homes too. The below-mentioned table shows the housing price range, localities and top builders in Chennai. All these factors significantly determine the average salary to buy a house in the city of temples. Price Range, Top Localities and Builders in Chennai 2 BHK Price Range Rs. 27 Lakhs to 2.5 Crores 3 BHK Price Range Rs. 41 Lakhs to 8 Crores Popular Localities OMR, Central Chennai, Porur, Ambattur, Velachery, Medavakkam-Selaiyur, Anna Nagar, Sholingallanur, Guduvancheri, Kelambakkam Popular Builders Alliance Group, TVS Emerald, Akshaya Pvt. Ltd., Radiance Realty Developers India Ltd., Doshi Housing, Prestige Estates Projects Ltd., Risland India

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Average Salary to Buy a House in Chennai

Most banks finance up to 80% of the property cost. Therefore, the average salary to buy a house is around 20-30% of the lowest property price, i.e. Rs. 15 Lakhs in the case of Chennai. Similar to the trend observed in Bengaluru and Hyderabad, the city of joy also witnessed a workforce return. This led to an increase in residential sales, with the city recording its highest quarterly sales since 2016 in the previous quarter. The Magicbricks PropIndex Apr-Jun 2022 report also displayed an impressive demand growth of 21.2% (in searches). 2 and 3 BHK units continued to witness the most traction as affordability remained a primary key growth driver for Kolkata’s housing market. The table below showcases the housing price range, localities and top builders in Kolkata. All these factors play a key role in determining the average salary to buy a house here. The table below showcases the housing price range, localities and top builders in Ahemdabad. These key factors play a significant role in determining the average salary to buy a house in the Manchester of India. Price Range, Top Localities and Builders in Kolkata 2 BHK Price Range Rs. 20 Lakhs to 2.25 Crores 3 BHK Price Range Rs. 35 Lakhs to 4.50 Crores Popular Localities Newtown-Rajarhat, South East Kolkata, North Kolkata, Central Kolkata, South-West Kolkata, South Extension, EM Bypass. Popular Builders Srijan Realty Ltd., Godrej Properties, PS Group, Shapoorji Pallonji Real Estate, Sureka Merlin & JB Group, Ideal Real Estate, Rajwada Group, Ambuja Neotia, Purti Realty According to general guidelines, a lender can only approve loans up to 80% of the property value. Keeping this in mind, it won’t be wrong to say the average salary to buy a house should be around 20-30% of the lowest available property price. And that is Rs. 9 lakhs in the case of Kolkata. In Q2 2022, Ahmedabad’s residential sales volumes almost reached the levels observed in pre-Covid 2019. The demand (searches) in the previous quarter increased by 21.4%, according to the Magicbricks Prop Index. 3 and 2 BHK units remained the most preferred choice for buying a house in Ahmedabad. Additionally, the upcoming metro and the corridor connectivity Motera and Gyaspur Depot are expected to enhance the demand for homes in the city. Price Range, Top Localities and Builders in Ahmedabad 2 BHK Price Range Rs. 20 Lakhs to 1 Crore 3 BHK Price Range Rs. 32 Lakhs to 2.5 Crores Popular Localities Gachibowli, Miyapur, Kukatpally, Kondapur, Jubilee Hills, Mehdipatnam, Medchal Highway Popular Builders Urbanrise, Modi Builders, Indis, Prestige Estates Projects Ltd., Brigade Enterprises Ltd, Sumadhura Infracon Pvt. Ltd, SMR Holdings, Hallmark Builders

Average Salary to Buy a House in Ahmedabad

Since banks do not offer more than 80% of the property cost as a loan, the average salary to buy a house in Ahemehmad is close to 20-30% of Rs. 9 lakhs.

Bottom Line - Salary Needed for Buying a House

That concludes our guide to the average salary to buy a house in 8 major Indian cities. Whether you live in tier-1 cities or plan to move to one of them soon, you now have an idea of the residential real estate market. Explore Magicbricks to discover great options. Select your preferred location, set a price range, and start comparing.

magicbricks.com - Here's the Average Salary to Buy a House in 8 Major Indian Cities
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