![\"Down](\"https:\/\/www.newsilike.in\/wp-content\/uploads\/home-loan-down-payment.jpg\" "\\"\\"")
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Buying a dream home usually makes it to the top of every individual\u2019s priority list. However, with skyrocketing real estate prices in top cities and even small towns, buying a home becomes quite a pricy affair. Therefore, to assist middle-class buyers in fulfilling the distant dream, the NBFC and banks have introduced numerous home loan<\/strong> schemes at competitive rates. The only financial cushioning one needs to provide the lender in such a case is a down payment, which makes up for a sizeable portion of the value of the property.<\/p>\n Before buying a house, that you can call your own, on loan, it is important to keep a few points in mind:<\/p>\n As a home loan down payment makes for a critical part of applying for a loan, here are a few points to keep in mind while arranging for the same:<\/p>\n Early planning is ideal for buying a home as it makes arranging for finances easier. With age, the responsibilities and liabilities of an individual increase, which makes it difficult to acquire the funds for a down payment.<\/p>\n While a habit of saving is useful for your finances and wealth accumulation, it is essentially important to save if you are planning to take a home loan<\/strong><\/a>. Discretionary expenditure should only be made from the earnings left after deducting your essential expenses and monthly savings.<\/p>\n According to the recent changes in home loan down payment by the RBI, the margin money requirement limit has increased to 20 to 25 per cent of the value of the property in the market.\u00a0 To tackle this, one should liquidate their savings as much as possible to ensure that they have adequate funds for down payment.<\/p>\n If you are sure about better finances in the future, it might be a good option to borrow a soft loan from your family or employer. As these soft loans come with little or absolutely no interest, you will be able to save a considerable amount of money in the accrued interest on the home loan.<\/p>\n Under certain conditions such as higher future return expectations, prematurity charges, etc., liquidating one\u2019s finances may not be a wise choice. In such cases, one can take a loan against their savings. However, such a loan only earns 50 to 75 per cent of the actual value of the savings instruments.<\/p>\n The last and the costliest option with no tax benefits is to seek a personal loan to make the down payment of the new home. Use a home loan EMI calculator<\/strong><\/a> to ascertain the funds required before applying for a personal loan.<\/p>\n Buying a new home is an exciting big step in an individual\u2019s life. However, as it involves a significant financial investment, having a thorough understanding of the various nuances surrounding home loans and home loan down payment is essential to experience a hassle-free purchase and ownership.<\/p>\n","protected":false},"excerpt":{"rendered":" Buying a dream home usually makes it to the top of every individual\u2019s priority list. However, with skyrocketing real estate prices in top cities and even small towns, buying a home becomes quite a pricy affair. Therefore, to assist middle-class buyers in fulfilling the distant dream, the NBFC and banks have introduced numerous home loan…<\/p>\n Read More<\/span> Tips for Arranging Down Payment for Home Loan<\/span><\/a>","protected":false},"author":2,"featured_media":42673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"Layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Tips for Arranging Down Payment for Home Loan.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[4634],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.newsilike.in\/wp-content\/uploads\/home-loan-down-payment.jpg","_links":{"self":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/42671"}],"collection":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/comments?post=42671"}],"version-history":[{"count":0,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/42671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media\/42673"}],"wp:attachment":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media?parent=42671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/categories?post=42671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/tags?post=42671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Plan for your home loan early-<\/strong><\/h2>\n
Keep a tab on the expenses-<\/strong><\/h2>\n
Liquidate your savings<\/strong>–<\/h2>\n
Try for a soft loan-<\/strong><\/h2>\n
Loan against savings instruments-<\/strong><\/h2>\n
Opt for a personal loan to finance the down payment<\/strong><\/h2>\n