India was a magical realm that attracted the interest of the entire world before Alexander the Great tried to conquer it. Numerous different species of flora and animals, as well as rivers and mountains, may be found throughout the country. Currently, there are 29 states in the country, each with its own lifestyle, culture, and benefits. Lets discuss the most expensive and cheapest cities in India.
Cheapest City In India
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Ahmedabad is the most affordable city to live in India, according to a new survey by famous real estate advisor Knight Frank India. The affordability index, supplied by Knight Frank, is calculated by dividing the EMIs a city resident must pay if they take out a home loan from the average family income in that city.
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What Is Affordability Index Level?
The Knight Frank Affordability Index demonstrates how much money a household must earn each month in order to cover the EMI on a residential property in a certain city. As a result, a city with a level of 40% on the Knight Frank Affordability Index indicates that households there must spend, on average, 40% of their income to pay the monthly installments on a home loan for that unit.Most Expensive City In India
Mumbai has the most costly housing market. The average household in Mumbai must spend more than half of its salary on mortgage payments due to the startling ratio of 55 percent between home loan EMI and income. Hyderabad, with an EMI to income ratio of 31%, is the second-most costly city.
Third-placed Delhi National Capital Region charges 30 percent of your salary in house loan EMIs.
Read More : The best way to increase your Instagram followers in 2023Chennai and Bengaluru in Tamil Nadu tie for second with an EMI to income ratio of 28%. Then, a typical Pune, Maharashtra, household must pay home loan EMIs equal to 26% of its income. Kolkata in West Bengal has the same rate.
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The most affordable place to live in India is Ahmedabad in the state of Gujarat, where a typical household needs pay 23 percent of their salary in home loan EMIs. This index has been calculated using a 20-year loan term, a fixed dwelling size across cities, and an 80 percent loan-to-value ratio. During the previous year, the cost of living in these cities climbed. Due to the Reserve Bank of India’s increase in its benchmark lending rate by 250 basis points since last year, these EMI-to-income ratios have increased by around 1-2 percentage points across cities. Since then, the average EMI load has increased across all cities by 14.4 percent.
