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Home Budget Calculator
To purchase your dream house, you need
₹ 2,16,73,000 2.16Cr
You are only 20% covered till now
(inclusive of all taxes)
every
Get 5% discount on online buying Save 2.5% on total by paying premium annually
Now plan for a warm home decor by investing 100k more annually = ₹ 112/day
This is less than a meal for two
100k more annually = ₹ 112/day
A dream house in the most beautiful location is a pride to own! Purchasing a new house or building one is always an important financial goal. As it is the place that leads your retirement life, you would want to spend the maximum financial resources to make it the best in every way. So, what is primary to owning a dream house? Well, it is your financial plan!
When you quantify your financial requirements and make the right investment choices, you can benefit from purchasing your dream house at an affordable rate while ensuring it is the richest in quality if that is your obsession. Here is the home budget calculator that can help you best in this regard. The budget calculator in India is becoming increasingly common, considering its ease of use, accessibility, and reliability.
What Is a Home Budget Calculator?
A house budget calculator is an online tool that helps you find the amount required to purchase your dream house by considering the increasing inflation rate. It will also provide details about how much money you should invest every year and for how many years based on the expected rate of your investment. Based on these details, you can decide on the required funds, investment options and the period of investment.
The tool functions based on your input. You can change the values and determine the most affordable financial plan. It is a simple and user-friendly financial tool available free of cost. The steps to complete the calculation using the home buying budget calculator will not take much of your time. Therefore, the home budget calculator is a flexible tool that can help you make a well-informed decision about purchasing your dream house based on a defined financial plan.
Plan Your Dream House with Confidence – Tata AIA Fortune Pro Has You Covered!
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
Tata AIA
Fortune Pro
Unit Linked Individual Life Insurance Savings Plan (UIN:110L112V04)
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Why Should You Use a Home Budget Calculator?
It is important to use the house budget calculator for planning the purchase of your dream house, considering various financial reasons.
Increasing Inflation Rate
The inflation rate should be a major consideration if you plan to accomplish a financial goal in the future. The cost of purchasing a home in the future will certainly not be the same as it is now and will be impacted by the inflation rate. The home budget calculator will consider this inflation rate and provide a more realistic value to plan your investments. In addition, you can provide the inflation rate based on the prevailing global economic conditions.
Making A Better Financial Plan
While making a financial plan to purchase a dream house, you must consider several factors. The money spent or the loans availed should not affect your current lifestyle or force you to refrain from spending money for personal emergencies. In other words, your investment to purchase your dream house should not affect your family or professional life. A budgeted calculation can help you proceed well in this direction.
To Avoid Seeking External Support
Before purchasing a new house, you might seek support from many people for choosing the best builders, basic amenities, etc. However, seeking support for financial planning can cost you more if you prefer a realistic budget. The home budget calculator will provide the essential information in simple steps. Therefore, you can avoid approaching a consultancy or an agent for the financial plan.
Know more about our Best-Selling Wealth Creation Plan – Tata AIA Fortune Pro
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
Unit Linked Individual Life Insurance Savings Plan (UIN:110L112V04)
Tata AIA
Fortune Pro
Key Benefits:
A ULIP Plan with our funds rated 4 or 5 stars* by Morningstar~
Start investing with as low as Rs 1000 /month**
Regular Loyalty Additions^ to boost investments
Get tax benefits as per applicable tax# laws
How Does a Home Budget Calculator Work?
The house budget calculator is technically designed to provide two results.
The fund required to purchase your dream house.
The investment required to build the fund.
The home budget calculator determines this information by considering the following factors:
Age
Gender
Lifestyle
Income
Savings
Loans and liabilities
Current price of your dream house
Inflation rate
Expected rate of return of the investment
Timeline to accomplish the dream house goal
Based on these factors, the home budget calculator will derive a realistic value of the funds required and the investment plan to ensure the same.
It is a flexible tool that helps you change the base plan to customize it based on your affordability and financial needs. For example, you can change the timelines to increase or decrease the annual investment.
Let us consider a scenario.
If you need an additional fund of 1.2Cr, you will have to invest ₹4.8L every year for 20 years with a 7% expected rate of return from your investment. On the other hand, the investment amount will become ₹4.1L every year if the timeline changes to 30 years.
Therefore, you can make the required changes until you derive an affordable solution. Moreover, it is a simple process and does not take much of your time if you have the required numbers handy.
How to Use a Home Budget Calculator?
Using the property budget calculator is a simple process. You can easily navigate through the different steps to determine the results.
Navigate to the Tata AIA Life Home Budget Calculator page online.
Provide the details about yourself, such as your name, gender, date of birth, and contact number. In addition, choose whether you are a smoker or non-smoker.
Enter your earnings and expenses per month.
Provide the details about your investments and loans. For example, if applicable, you need to enter the life insurance amount, car loan amount, etc., and your savings amount as of the date.
Choose the type of house you would like to purchase, such as a flat, villa, farmhouse, etc., and enter the year by which you want to purchase the house.
Enter the estimated cost of purchasing the house based on the prices prevailing in the market currently and your savings.
Click to calculate the amount.
The home budget calculator will provide the following:
The funds required to purchase the house of your choice.
The amount you need to save.
The corresponding investment you need to make.
The investment period.
The result will be based on the inflation rate and the expected rate of your investment that you input. You can change the values of the inflation rate, expected rate of return and investment period based on relevance.
Providing the inflation rate and the expected rate of return on your investment is crucial. You can research renowned websites such as RBI to provide reasonable input for the inflation rate and consider the information from the relevant financial institution to provide the expected rate of return on your investment. For example, if your investment is majorly based on mutual funds, you can provide the rate of return as projected by your Asset Management Company.
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Benefits of Using a Home Budget Calculator
Using the home budget calculator in India is highly recommended considering its benefits.
Provides realistic results
The home budget calculator helps determine the funds required to purchase your dream house and the investment you need to make to accomplish the goal based on the investment period. The values are realistic as it considers the inflation rate and the expected rate of return on your investment. Therefore, if you provide:
The exact personal financial information such as your income, savings, loans, and liabilities, etc.,
The inflation rate and expected rate of return of your investment from a trusted source.
You can rely on the results of the home budget calculator to make a well-informed financial decision to purchase your new house.
Simple and cost-effective tool
A house budget calculator is a flexible tool that helps you change the inputs based on the changing preferences and risk appetite. It is available online free of cost. In addition, it is relatively simple and easy to use. Furthermore, the entire process is not time-consuming.
Plan to purchase and live peacefully
You can plan your investment based on the results of the property budget calculator. It helps you plan to purchase your dream house without affecting your current lifestyle and ensures you live peacefully.
Revise financial plan
You can always revise your financial plan by changing the inputs based on your current financial condition to improve the investment plan. For example, if your income has increased by a certain percentage, you can account for the changes and invest more and better.
Help provide insight into life insurance
Life insurance is an important investment to secure your family in the event of your unexpected death. If you plan to purchase a new house partly by availing of a home loan, you must ensure the financial resources to help your family repay it in your absence.
The home buying budget calculator will provide the extent of life insurance coverage that you have, providing insight into taking steps to cover the financial risk. At Tata AIA, we provide different comprehensive life insurance plans with customizable features to help secure your family while also accomplishing your financial goals timely.
Looking to buy a new insurance plan?
Our experts are happy to help you!
Success
Conclusion
Purchasing your dream house is a long-term financial goal. However, several factors, such as your income, liabilities, inflation rate, etc., impact the accomplishment of such money goals in your life. Therefore, it is important to consider such factors to determine the funds required to purchase your dream house and how to invest money for it in the long term. A home budget calculator is an online tool that helps you find the funds required for the purchase based on the timeline you provide. It also details the annual investment you need to make to ensure the required funds. The home budget calculator is a simple and cost-effective tool that can lay a strong financial foundation for your dream house.
Frequently Asked Questions
How to calculate the budget for my dream house?
You can calculate the budget of your dream house by using the home budget calculator available online. It is a simple tool that considers your financial condition, inflation rate and the expected rate of return on your investment to determine the cost of your dream house at a future date. You can plan for your investment based on the results of the home budget calculator to purchase your dream house.
Why is financial planning required?
Financial planning is required to accomplish your money goals, such as purchasing a new house satisfactorily without affecting your current lifestyle and refraining from spending money for a personal emergency.
What happens if I don't have a home budget?
If you don't have a home budget, you will be unable to either find the required funds or invest money to plan to purchase a new house. In addition, if you purchase a new house without a home budget, you might suffer from a financial crisis throughout your life as the fund required to purchase a new house is certainly a huge amount.
What value should I enter for the "inflation rate" in the home budget calculator?
You can enter the current inflation rate if you are purchasing a new house in a few months or enter a projected inflation rate from a trusted source, such as the official website of RBI if it is planned over the long term.
What value should I enter for the "expected rate of return" in the home budget calculator?
You will have to provide the expected rate of return of your personal investment plan. For example, if you have invested in a Systematic Investment Plan, you can provide the expected rate of return provided by your Asset Management Company.
Is it compulsory to purchase a life insurance plan with a home loan?
No, purchasing a life insurance plan is not compulsory with a home loan. However, suppose you are the sole earning member of your family or contribute towards your family's financial requirements. In that case, purchasing a life insurance plan is important to secure your family in the event of your unexpected death. The death benefit can help your family repay the loan and reduce their financial burden.
What are the benefits of having a life insurance plan while taking a home loan?
Having a life insurance plan while taking a home loan can provide the following benefits:
The death benefit can help your family manage funds to repay the loan in your absence.
Help your family lead a comfortable life without considering the financial burden of repaying the home loan.
A life insurance plan with a rider benefit can help pay for your hospitalisation and medical expenses in case you are affected due to a minor or major illness. Therefore, the expenditure will not affect paying your EMI for the home loan.
A life insurance plan with guaranteed returns or market-linked~~ returns as the maturity benefit can secure your family while providing a lump sum financial benefit that can help partially close your home loan after a certain period.
What is home loan insurance?
Home loan insurance is an insurance plan wherein the insurer will provide a payout to help your family repay the outstanding home loan amount in the event of your unexpected death during the policy term.
Can I take insurance out of a home loan?
Lenders can ask you to purchase an insurance plan with a home loan. However, the law and the concerned regulatory bodies have not made purchasing an insurance plan with a home loan compulsory.
Disclaimer
The complete name of Tata AIA Fortune Pro is Tata AIA Life Insurance Fortune Pro (UIN: 110L112V04) - Unit Linked Individual Life Insurance Savings Plan.
~~Market-linked returns are subject to market risks and terms & conditions of the product. The assumed rate of returns or illustrated amount may not be guaranteed and depends on market fluctuations.
#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
*On a 5-year basis as of September 2022.
~©2020 Morningstar. All rights reserved. The Morningstar name is a registered trademark of Morningstar, Inc. in India and other jurisdictions. The information contained here: (1) includes the proprietary information of Morningstar, Inc. and its affiliates, including, without limitation, Morningstar India Private Limited (“Morningstar); (2) may not be copied, redistributed or used by any means, in whole or in part, without the prior, written consent of Morningstar; (3) is not warranted to be complete, accurate or timely; and (4) may be drawn from the data published on various dates and procured from various sources and (5) shall not be construed as a n offer to buy or sell any security or other investment vehicle. Neither Morningstar, Inc. nor any of its affiliates (including, without limitation, Morningstar) nor any of their officers, directors, employees, associates or agents shall be responsible or liable for any traducing decisions, damages or other losses resulting directly or indirectly from the information.
**The Premium payable under the policy is exclusive of applicable taxes, duties, surcharge, cesses or levies.
^Loyalty Additions will be credited only if Policy is in-force and all due premiums have been paid. For Regular Pay & Limited Pay, additional units @ 0.20% of units in each of the funds under Regular Premium Account will be credited (post deduction of applicable charges) to the respective funds every Policy Anniversary starting from eleventh (11th) Policy Anniversary till end of Policy Term. For Single Pay, additional units @ 0.35% of units in each of the funds under the Single Premium Account will be credited (post deduction of applicable charges) to the respective funds every policy anniversary starting from sixth (6th) Policy Anniversary till end of Policy Term. Loyalty Additions are not payable on Top-up Premium Account.
Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/ withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Life Insurance Fortune Pro is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
The fund is managed by Tata AIA Life Insurance Company Ltd.
For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any).
Investments are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
Please make your own independent decision after consulting your financial or other professional advisor.
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges, from your Insurance Agent or Intermediary or Policy Document issued by the Insurance Company.
Various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying Fund's NAV will be affected by interest rates and the performance of the underlying stocks.
The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds.
Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.
Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the Insurance Company.
Insurance cover is available under the product.
The products are underwritten by Tata AIA Life Insurance Company Ltd.
The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract
L&C/Advt/2023/Apr/1216
