| How to get the downpayment amount for Home Loan? |
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| Written by Site Administrator |
| Tuesday, 27 October 2009 16:24 |
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The amount that you have to bear from your pocket over and above the amount sanctioned by a bank as loan is called your downpayment amount. This is usually upto 10 to 20 % of the total value of your property. This amount will run into a couple of lakhs or more even for a property worth 5 to 10 lakhs. So you need to be ready with this amount before even approaching the bank for a home loan. You can raise this money by liquidating your existing assets like mutual funds, fixed deposits, gold, etc. You don’t automatically become eligible for a home loan as soon as you have your first job. You must build your credibility by keeping a good credit statement, by paying taxes for a couple of years, and by showing stability in your career. You must also be employed with an employer of good repute at the time of applying for a home loan. This whole process will easily take three years from your first day in your first Office. If you have plans to buy your own house you must plan your savings right from day one of your first job. Keep some money as saving every month in the form of FDs, MFs, Bonds, etc. All this will be useful as downpayment. Comments (0) |