Are you paying too much EMI for your house? Take this quiz and find out

A big home loan EMI can render you “house poor”—a peculiar situation where the individual owns expensive real estate but has no money left for other expenses after paying the EMI. Take this short quiz to find out if you're paying too much for your house:

Score yourself on the following basis
A 1 Point
B 2 Points
C 3 Points

1. How many years are left for repayment of your housing loan?
a) >10 years
b)5-10 years
c) <5 years

2. What portion of your household income goes into paying home loan EMI?
a) I am paying off more than two loans
b) I have two loans to be repaid
c) I have just the one housing loan

Also Read: Is your house making you poor?
3. How many loans are you servicing, including a personal and car loan?
a) I am paying off more than two loans
b) I have two loans to be repaid
c) I have just the one housing loan
4. How quickly can you liquidate your property if the need arises?
a) It will take 2 years
b) Between 12-24 months
c) Within 12 months

5. After meeting loan commitments and household expenses, how much of your income is left for savings?
a) <10%
b) 10-30%
c) >30%

YOUR SCORE
More than 12 points
You are in a healthy position and are likely to achieve key life goals without much hassle.
8-11 points
You are likely to struggle to contribute enough towards all goals, unless you are able to raise your income profile or cut costs.
Less than 7 points
You are practically living house poor, and barely making ends meet. You need to urgently evaluate options so as not to compromise on other goals.