For most of us, purchasing a house is a dream come true. We all want a house which we can call home, and decorate on our own terms! Don't we? But buying a house requires a lot of resources. For some of us, it's our whole life savings. Our parents or your grandparents purchased houses during their mid-forties or fifties. But today, people in their thirties or even twenties are purchasing houses. This is because people can easily obtain home loans with minimum eligibility criteria and the government is trying their best to ensure everyone in India has their own house. While purchasing a house we should keep in mind that we need to make a down payment on the house.
Get home loans from your preferred bank by choosing NoBroker home loan services!How to save for a down payment on a house?
Even if you get a home loan for your house, there will be some amount that you need to pay from your pocket. Banks never offer 100% home loan. As per the rules of RBI, an individual must pay at least 10% of the property price when he/she is opting for a home loan. So, before thinking of purchasing a property we should figure out how to save for a home down payment.
I will share with you some ways about how to save for a house down payment.
- Build a corpus
Try to save a small amount from your salary every month over the years. The sooner you start saving, the easier it would be to buy house or get a home loan. You can also invest in Mutual Funds or Fixed Deposits for a long period of time. Later you can use this money as the loan downpayment.
- Check out for the proportionate release option
Some lenders will offer the flexibility in paying the down payment amount in small portions over a period of time. Due to this, a person will not have to bear a heavy amount and pay it immediately. But the lenders only agree to it for a new construction project that is promoted by some developers.
- Use Life Insurance or Provident Fund
You can unlock your long term savings such as your Life insurance or provident fund to purchase a house. If you do not have other options you can take loans against life insurance or provident fund and make the down payment.
- Ask for help
Tell your parents, or friends to help you with the downpayment while securing the loan. You can repay the money you are taking from your family members or friends later.
These are the points you can focus on for a down payment on a house.
Check your eligibility criteria for home loans by filling out the form below:
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Read more:
What is down payment?
How much down payment for home?
Can I get home loan without down payment?
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How to save for a down payment?
Sriya
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3 Year
2022-05-10T10:07:12+00:00 2025-01-13T17:24:59+00:00Comment
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