It takes a lot to buy a home apart from searching for the right location and prominent property. You need to arrange a certain amount to fund your home purchase need. And, with the property prices getting higher, not everyone has that big amount available at the time of buying a home. So, to meet the needs, many home buyers have to depend on a home loan.
As buying a house with a home loan is a big thing and needs a long term commitment, you should be ready for making at least the down payment of the loan. If you are a first-time home buyer and finding it difficult to arrange your home loan down payment, here are five tips that can guide you to strategize in a better way to get fund ready.
- Plan Your Budget
You have to plan a budget for many months or even years before buying a house in 2 BHK apartments in Ghaziabad. Arranging the down payment requires a disciplined financial management approach. You can leverage investment and saving schemes such as recurrent deposits, fixed deposits, mutual funds, etc.
- Borrow from Peers
If you could not arrange your down payment amount at the time of buying a home, you can take an assistance of your close friends or family by borrowing the needed amount for a short-term period. It is suggested to go for option only when you have less amount, and are sure that you will return the money back as promised.
- Check Loan-to-Value Offered by the Lender
Loan-to-value is the amount that a bank is ready to give to the borrower for buying a property like 3 BHK flat in Ghaziabad. Banks might be funding 80% amount of the value of a property. Nevertheless, if the property value is less than 30 lakhs, they may get ready to fund about 90% too.
- Don’t Over Leverage Your Financial Capacity
When you are approaching a home loan, never go above your financial capacity, even if banks are giving 80% amount of the property value.
- Don’t Forget to include Registration Charges and Stamp Duty
Registration charges and stamp duty are basic additional costs that are linked with the ready to move apartments in Ghaziabad purchase. These costs are paid by the buyer, so when you are analyzing the total amount you require to raise from the bank, ensure you keep these additional costs in mind. So these were the 5 tips that will help you to arrange down payment easily for your new home.