Home Buying Rules: Avoid Debt Traps, Secure Your Financial Future!

• Home price should not exceed five times your annual take-home income to avoid debt traps.
• Monthly EMI must not exceed 35% of your net income to prevent financial pressure.
• Maintain savings of at least 50% of the home's price, including a 35% down payment and a 15% emergency fund.
• Secure medical insurance (50 lakh rupees) and term life insurance (equal to home value) before taking a home loan.
• Only buy a home if you plan to live in it for at least five years; renting might be better for shorter durations.