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Apply NowOne of the most common dreams that a lot of working professionals have is to own a home. Now, for most people, the only way to achieve this dream is by applying for a home loan. However, there are a few things that you need to keep in mind before applying for a home loan. Most people just focus on the home loan interest rate. While this is an important factor, home loan borrowers also need to focus on the down payment.
The home loan down payment can be defined as the amount you are expected to pay upfront to either the one selling the property or the builder. Generally, the down payment for the loan is known for being dependent on how much the loan amount covers the property cost. This factor is referred to as LTV, i.e., loan-to-value ratio.
The RBI norms state that for loan amounts of more than ₹30 lakhs and up to ₹75 lakhs the loan provider will finance approximately 80% of the home purchase. However, there are some loan providers such as IDFC FIRST Bank who are known for financing approximately 90% of the property. The remaining 10% is expected to be paid by you.
Here are some of the advantages that are associated with making down payments (especially involving higher sums):
A higher down payment can also help in lowering the rate of interest on the home loan.
Here are some of the ways through which you can save up for your down payment:
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.