For many people, buying their dream home is a significant and exciting milestone. It entails a thorough process of planning, saving, and decision-making. While Home Loans are a reliable way to fund your needs and help materialize your dreams, you cannot borrow the entire amount of the property. Lenders usually approve up to 75% - 90% of the property value, with you providing the remainder amount in the form of what is called a down payment.
Down Payment in detail
A down payment is a one-time payment made to the seller by the buyer to help finance the purchase of a property. At the time of the transaction, it is typically paid as a percentage of the total purchase price. A down payment serves two purposes: firstly, it ensures buyer's commitment to the purchase and secondly, it reduces the amount of money that must be borrowed from a lender. The down payment amount may vary depending on the property's value. As a result, if the value of your home is higher, so will your down payment be. Having said that, how do you arrange for the sum in case you are a salaried employee or a self-employed individual with a limited monthly earning? Let us help you out with some tips.
5 Easy Steps to Get Your Down Payment Funds Ready
Your primary source to fuel a down payment is your savings. To buy a home, it is assumed that you can arrange at least 10% to 15% of the home price. It could be in the form of cash, mutual funds, fixed deposits, gold or any other instrument that can be easily liquidated. But what if you still fall short of the number you are eyeing? Here are 5 easy methods you can arrange for that extra cash to complete your down payment.
Step 1: Use Money from an Unsecured Loan and Add it to Your Savings
If you do not have the required amount of money saved up to pay your down payment amount, you can approach a bank or an NBFC and apply for an unsecured loan. For example, if your Home Loan down payment is INR 20 Lakh and you have INR 18 Lakh in savings, you can apply for a Personal Loan for the remaining INR 2 Lakh. In this case, you will have to consequently pay the EMIs for both – Home Loan and Personal Loan, simultaneously.
Step 2: Opt for an Employee Loan
Many companies offer loans to their employees – in which case, you could approach your employer and see if you have any such provision to apply for a loan. Although several factors influence this loan, such as time served with the company, tenor period applicable, and so on, these factors are solely dependent on the company for which you work. The plus point is that these loans require minimal documentation and funds are made available quickly.
Step 3: Withdraw Money from Your Investments
Savings in the form of deposits can help you make the minimum down payment on a Home Loan based on your affordability. You can withdraw money from mutual funds or fixed deposits if you have a diverse investment portfolio.
Step 4: Mind Your Money
Well, obviously – the less you spend the more you save. Look for ways to cut down on your monthly expenses wherever you possible can - such as reducing spending on luxury items, comfort foods, expensive techs and gadgets and even by negotiating your bills. Having an adequate amount of savings by reducing your monthly expenses can help you avail of a Home Loan quickly.
Step 5: Look for Other Sources of Income
If you have another source of income in addition to your regular monthly salary or income from your regular business, you can consider using those sources of income or even the funds you have saved for retirement. Consider approaching your immediate family and relatives for assistance with the required down payment amount; the most advantageous aspect of this is that you do not have to worry about late payment penalties or even interest rates; however, approaching your family should be considered as a last resort.
It is in your best interest to save a significant amount of money prior to applying for a Home Loan because this can help make your loan experience a lot less stressful, and if you have a surplus of funds while your Home Loan is active, you can even choose to foreclose your Home Loan before your tenor period expires.
How Can I Reduce My Down Payment Burden?
A Home Loan without a down payment is possible in India, but it is less common than in other countries. In India, many banks and financial institutions require a minimum down payment of 10-20% of the property value, though this varies depending on the lender and the type of property being purchased. Additionally, having a larger down payment can increase your chances of being approved for a loan and may result in a lower interest rate, so it is important to carefully consider your options before making a decision.
People Also Read: A Quick Guide to Securing a Better Interest on Home Loans
How Can I Get the Lowest Down Payment on a House?
Here are a few ways to get the lowest down payment on a house in India:
Utilize government subsidies
The government of India provides subsidies to qualified individuals through loan options such as PMAY (Pradhan Mantri Awas Yojana), which can be used to cover a portion of the down payment.
Get a loan from a non-banking financial company (NBFC)
Some NBFCs in India offer low or no down payment Home Loans, though these may have higher interest rates than traditional banks.
Apply with a co-applicant
If you are unable to make a down payment, you may be able to find a co-applicant who will do so on your behalf. This can be a family member or a close friend, and they may be eligible for a portion of the loan as well.
Seek a low-down payment loan
Some banks and financial institutions in India offer low down payment loans, typically between 5% and 10% of the property value, which can make it easier to purchase a home without a large upfront payment.
Improve your credit score
A higher credit score increases your chances of loan approval and may result in a lower interest rate, lowering the amount of money you need to save for a down payment.
People Also Read: 7 Tips to Help You Improve Your CIBIL Score
Ensure that your Fixed Monthly Obligations are low
A low FOIR can increase your chances of loan approval because it shows the lender that you have a consistent income and the ability to repay the loan. A low FOIR also indicates that your fixed obligations are within a manageable range, lowering the likelihood of missing monthly payments.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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What Factors Do Not Affect Credit Scores?2024-02-28 | 7 min
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cibil Cibil
[N][T][T][N][T]
How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
[N][T][T][N][T]
How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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home+loan Home Loan
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home+loan Home Loan
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
[N][T][T][N][T]
What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?