What To Do When You Don’t Have Money For Down Payment?

Down Payment for Home Loan

Down Payment for Home Loan

You might have heard the phrase ‘dream home’. We all have it but very few of us can afford it! According to a census conducted in 2011, it was seen that 69% of urban families own a house. If you fall this percentage then be happy! Else you still have a long road ahead to make your dream come true.

However, there are various schemes and loans available that you can take up. One such government scheme is the Pradhan MantriAwasYojana (PMAY), through this you can get a subsidy up to 2.67 Lakhs on the total amount.  Moreover banks offer easy home loan facility with low interest and various re-payment options.

Unsecured Loan

A very popular way to pay the down payment with cash is availing an unsecured loan. If possible you can get the loan pre-approved before you decide to purchase an Apartments For Sale In Narsingi. This will give you an idea of the amount the bank will provide and the amount that you will have to pay. Once this is decided you can opt for a personal loan and make that down payment that is required to book a flat.

After 6 months, you can also add a top up plan to your available home loan plan. Doing this can reduce the burden of loans and you can also save some money in the process. This is because interest rates on home loans are much less than personal loans.

Home Loans from Various Sources

When you see Apartments For Sale In Narsingi and think about purchasing one, here is another trick that you can do. You can apply for a home loan on the furnitures and other accessories that are needed to fill your home.

You can use this amount to make the down payment for your purchase. There are other ways to take loans too like taking loan from your employer or a close friend or relative. They will be interest free and you can repay them at your own time. If you are luck you might find a family member who is willing to lend you some money.

Taking loans from the employer is also well known. Since you are an employee of the organization, you employer skips the verification step. A certain amount is then deducted every month from your account. Certain employers charge interests while other don’t.

Local Loan System

Most of you will not have heard this, but there are local groups and organizations who provide loan to labor classes. Loans are generally taken in groups and can be repaid monthly at a very nominal amount. Not much documentation is required, but it has been proven to be beneficial to 99% of people.

The only risk involved is, if one person in your group fails to repay the loan, then that amount will be divided equally amongst the other members. These organizations operate only on local levels but provide legit business to all.

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