Updated: Dec 29 2022 7:00PM
New Delhi, Dec 29 (PTI) Property consultant Knight Frank India on Thursday said affordability levels for buying homes across eight major cities slightly declined this year due to a rise in mortgage rate, but the total income for an average household is adequate for securing home loans in all markets except Mumbai.
In its annual proprietary study ‘the Affordability Index 2022’, Knight Frank India pointed out that home buying affordability levels in Indian markets have declined in 2022 compared to 2021, according to a statement.
The index, which tracks the EMI (Equated Monthly Installment) to total income ratio for an average household, captures movement in key constituents like property prices, home loan interest rate and average household income to determine the buyers’ ability to purchase a house.
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