In laymen terms, home affordability is how big house an individual could afford. Unlike olden days, when people used to save or use their PF to get their own home, modern scenario allow an individual to buy a home at an early age due to ease and simplicity of banks offering home loans. But home affordability is not just dependent on home loan eligibility, but also on an individual’s ability to save for the down payment. Home loan eligibility is evaluated after considering different factors that includes an individual’s monthly income, age, monthly obligation, retirement age etc.
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