Key Features of Home Loan Down Payment

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Posted Under :  2 BHK < Apartments - For Sale < Real Estate
Total Views :  31
  • Posted By : Pooja-Agrawal-
  • Posted Date : January 9, 2019
  • EmailID : poojaagrawal2902@gmail.com
  • Short URL : https://indi.in/T94ve
  • Rating :
  • Total Votes : 0
  • Advertiser : Individual
  • Area Sq Ft : Less than 500
  • Furnished : Fully Furnished

Description

When it comes to buying a house, the general thumb rule is to hand over a minimum down payment of 20%. The following are some points you need to consider when you are planning to save towards the down payment for a home.

  • Down payment amount: Home loan down payment is usually 20% of the total value of the property. For example, if the cost of the house you want to buy is Rs. 80,00,000 and the down payment amount is 20%, then the down payment amount you will have to pay is Rs.16,00,000.

  • Down Payment Limit: There is no limit on how much down payment you can make. The more the down payment the less will be the home loan, interests, and EMIs. However, you should keep your finance in check and ensure that the down payment is made with a minimal effect on the funds.

  • Effect of property age: Banks usually tend to allow less loan amount when old properties come into the picture and due to this the down payment increases. In such cases, lenders allow a maximum of 50% of the property price in case the property is more than 15 years old.

  • Registration and Related Costs are not covered: Apart from the down payment, there are other costs when buying a home. They include property taxes and registration charges which has to be paid out of your pocket.

Location : mumbai , Mumbai , Maharashtra,



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