Most people rely on Home Loans to fund property purchases. Home Loans are a convenient and safe way to buy a home. When a borrower takes a Home Loan, the lender sanctions up to 75% to 90% of the property's market value as a loan. The remaining amount must be paid by the borrower and is known as the Home Loan down payment. Lenders ask for a Home Loan down payment to make sure the borrower has a stake in the property-- the higher the down payment made by the borrower, the higher their stake in the property and the lower their chances of loan default. In this article, we look at the minimum Home Loan down payment requirements for Home Loans and the benefits of paying a high or low down payment.
What is the Minimum Down Payment Required for a Home Loan in India?
In India, the minimum down payment depends on the value of the property you are buying. If the home you plan on buying is worth Rs.30 Lakh or less, you will easily be able to raise 90% of your property's value as a loan, provided you have a clean repayment history, an impeccable credit score and a stable job and income. If your property is worth anything between Rs.30 and Rs.75 Lakh, you will be able to avail of up to a maximum of 80% of your property's market value as a loan. However, if the home you plan on buying with the housing loan is worth above Rs.75 Lakh, your LTV ratio cannot exceed 75%. In other words, you will have to arrange 25% of the property's value as a down payment as the maximum loan value you can get in this case will be 75% of the property's value.
Those planning to apply for a housing loan must use a Home Loan EMI Calculator to figure out the loan amount they qualify for. Having an idea of what they qualify for and can manage allows people to align their home search with their financial standing. Further, it also allows them to understand what the Home Loan down payment is. This gives an insight into the amount they must arrange for and take the required steps in that direction.
Let us now look at the benefits of paying only the minimum Home Loan down payment.
Benefits of Paying Only the Minimum Down Payment for a Home Loan
When it comes to Home Loan down payments, borrowers are advised to make as high a down payment as they can comfortably manage. However, some Home Loan borrowers prefer to pay the minimum housing loan down payment required. There are certain advantages to this. Here are some of the benefits of paying the minimum Home Loan down payment:
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A lot of the time, people arrange for a higher down payment by breaking their savings. This is not a good idea. Individuals must try and keep their savings safe for a rainy day, especially if they are availing of a Home Loan. In case of an emergency, it is a person's savings that help them through the rough patch. Thus, one should never exhaust all their savings, just to arrange for a higher down payment.
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Yet another advantage of paying the minimum down payment required is that one can use the remaining funds to invest in other options that are likely to bring higher returns in the short run and then use the funds to make Home Loan prepayments and foreclose their loan so that they become debt-free sooner.
Benefits of Paying a Higher Home Loan Down Payment
Though it cannot be denied that there are certain advantages of paying the minimum down payment, borrowers should try and arrange for as high a down payment as they can. This helps in several ways:
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To start with, when a borrower pays a higher down payment, they reduce the risk involved for the lender in becoming a part of the whole deal. Thus, when borrowers pay a higher down payment than the minimum amount required, lenders offer them better loan terms and conditions, including lower interest rates. Lower interest rates help borrowers keep their EMIs feasible, which makes Home Loan repayment easier.
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If you are someone with an excellent credit score and you have also saved up enough funds to pay more than just the minimum amount due, you will have much higher negotiating power with your lenders. You are a responsible borrower who can be trusted with timely repayment of the loan amount. Further, you are ready to increase your stake in the property, which means further reduced risk for the lender. Therefore, any lender would want you as a client. This means you have high negotiating power. You can ask for lower interest rates, higher loan sanctions and a long repayment tenor to clear your EMIs. All of these things combined will help you have a better Home Loan experience.
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A higher Home Loan down payment directly translates into low housing loan interest rates, which in turn, leads to reduced total interest payout and therefore, reduced cost of borrowing the loan. Thus, when a borrower opts for a higher housing loan down payment, they are able to save more in the long run, primarily due to a lower principal amount and low interest rates on the loan.
Final Words
In India, most lenders require borrowers to pay a sizeable amount as a Home Loan down payment. Thus, if you are planning to buy a house, ensure that you have saved up a substantial amount to be paid as a down payment. However, if you can manage to pay a higher down payment without dipping into your savings or compromising your future financial goals, you should go ahead and do so. A higher down payment will reduce your principal amount, which in turn, will also lower your EMIs. Further, a higher down payment will also give you the power to negotiate for a better interest rate, which in turn, will make your EMIs more feasible and loan repayment easier.
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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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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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
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
[N][T][T][N][T]
How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
[N][T][T][N][T]
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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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
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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
[N][T][T][N][T]
Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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[N][T][T][N][T]
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
[N][T][T][N][T]
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
[N][T][T][N][T]
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
[N][T][T][N][T]
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
[N][T][T][N][T]
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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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?2024-01-24 | 3 min
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A Helpful Guide to Understanding Your Credit Report2024-01-26 | 5 min
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home+loan Home Loan
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An Essential Guide to Refinancing a Home Loan