When it comes to buying a home, there are several factors that play a crucial role and impart a deep impact on your life. Down payment is probably the best option.
Out of the several factors, how you are going to finance the purchase of your dream home is the most important. Most of us don’t have much savings in our 30’s and 40’s, and that is the reason why it is very difficult to purchase a dream home.
Home loans are way convenient that can help you purchase your dream home. But, still, then you need to pay some from your pocket even after availing the loan.
Check out the best tips that can help you make down payment for your home a lot easier:
How to arrange money for a down payment?
1. Make sure to use money from your savings.
2. Borrow against your insurance policies including PPF and term insurance.
3. You can use money from your investments such as FDs.
4. You can also take a personal loan in small amounts.
Things to take care of when applying for a higher down payment:
1. Low liquidity rate.
2. Fewer returns.
3. There may be a possible shortfall in funds for initial expenses such as home interiors.
Note: Please note, banks ask for a particular portion from the total cost of your house as the down payment, ranging from minimum to maximum it varies from 10 to 30% of the property cost.
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