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Buying a home often tops the list when it comes to the aspirations of an average Indian. After all, who wants to keep paying rent all their life? But buying a house today is a pricey affair especially because of the skyrocketing property prices in small as well as big cities alike. As a result of this, the demand for home loans has increased by leaps and bounds with almost every bank and NBFC in India offering this loan option.
For those who are seeking a home loan, even the amount of down payment can be quite substantial. Down payment is defined as the amount you pay upfront to the seller or property owner. In India, the minimum down payment one has to make is usually 20% of the home value. This is also because, under home loans, banks grant a maximum amount of 80% of the property value only.
Key Features of the home loan down payment
The following are some key features of the home loan down payment that you need to consider when you are planning to buy a house or flat.
Tips to Fund your Down Payment Requirement
The following are some key tips to help you plan your down payment better.
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