Hi,
From choosing the perfect location to funding, purchasing a property through a home loan is a big financial decision; especially arranging the down payment money to make the purchase needs smart decision making. What if you don’t have enough money to make the down payment for the home loan? Where to get down payment for house in that case? Read below to know:
Take a loan against an insurance policyA policyholder can get 80% to 90% of the surrender value of the insurance policy as a loan. Surrender value is the value you get when you terminate the insurance plan voluntarily. For instance, if Rahul has an insurance cover of Rs. 50,00,000 and its surrender value is Rs. 20,00,000 when he requests for the loan, he may get around Rs. 18 to 19 lakhs as a loan. However, the interest, in this case, is usually higher than housing loan rates.
Withdraw money from your PF (Provident Fund) accountYou can withdraw a certain portion of your PF money for buying a house and several related purposes. A subscriber can take a loan that is equal to 36 times his wages, for buying a house. I want you to know that withdrawing from your provident fund account might require paperwork and it takes some time as well.
Take a loan from family membersCheck if your family members can help you with the down payment. You can take this money as debt and return it in due course. This will surely save a lot of paperwork, time, and energy. Plus, if you pay interest to this family member, then you’ll also be able to enjoy tax deductions on this payment.
Take a personal loanYou should take a personal loan only when you can’t find any other option. Why? Well, because personal loans are unsecured and cost more than any other type of loan. You may have to pay 11% to 20% interest on personal loans.
Now you know where to get down payment assistance.
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Read more:
What is down payment?
How much down payment for home?
Can I get home loan without down payment?
How to buy property with no down payment?
I hope now you know where to get down payment for house.
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Where to get down payment for house?
Om
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2022-01-12T17:15:36+00:00 2025-01-13T17:21:52+00:00Comment
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