Mumbai is currently the most expensive Indian city to live in: Survey
Mumbai has been ranked as the most expensive Indian city to live in India, as per a news report released by leading property consultant Knight Frank India.
The affordability index released by Knight Frank measures living affordability based on the EMIs a resident in that city has to pay if they get a house with a home loan divided by the total income of an average household in that city, reports NDTV.
The Knight Frank Affordability Index indicates the proportion of income that a household requires, to fund the monthly installment (EMI) of a housing unit in a particular city.
So, a Knight Frank Affordability index level of 40% for a city implies that on average, households in that city need to spend 40% of their income to fund the EMI of housing loan for that unit, reports the Indian news channel.
An EMI/Income ratio over 50% is considered unaffordable as it is the limit beyond which banks rarely underwrite a mortgage.
The most expensive housing market is Mumbai.
For Mumbai, the home loan EMI to income ratio is a whopping 55%, meaning that an average household has to pay more than half of its income on home loan EMIs if they have to get a house on loan.
As per the survey, the next most expensive city in India is Hyderabad.
The survey showed the most affordable city to live in India is Ahmedabad.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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