Purchasing a home is a significant milestone in a person’s life. Booking a home may take years of planning, but the availability of home loans at such competitive rates has made buying a home easier than ever. People willing to buy a home can now pay a part of the property’s value as down payment and the remaining amount in easy and convenient EMIs.
Home loan has become a convenient way to own a home. If the buyer has a decent CIBIL score and meet the required eligibility criteria for the said loan, the applying for home loan can be a child’s play. But, essentially, besides home loan, down payment also plays a significant role when buying a new home since there is a limit to maximum home loan eligibility in lap.
Planning your down payment in advance and efficiently can ensure a hassle free home loan repayment later on.
Here are some tips which can help you plan your down payment:
Mutual fund investments: A home buyer can choose to pick the right portfolio and timeline to make some mutual fund investments. These investments can later on be used to get good returns to make home loan down payment.
Partial withdrawal of pension fund: salaried employees can use their employee provident funds to make down payment.
Savings: savings are essentially the best way to ensure a smooth home loan down payment. It is however suggested that you keep a sufficient amount of emergency fund with you for unforeseen emergencies.
Selling a previous house: amount recovered by selling an old property can easily be used as a down payment fund to purchase a new home.
If you have not yet finalised your home loan lender yet, INRCredit.com is the one stop solution for home loan in Dwarka and home loan on MCD houses.
Source: https://www.freeprnow.com/pr/how-to-plan-your-home-loan-down-payment