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Best Ways To Plan Home Loan Down Payment
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Buying a home is an event which marks a significant milestone in an individual s life. It takes years of planning before booking a home. With the availability of home loan at competitive interest rates, it is now easier to own a home today. Home buyers can pay a part of the property s value as down payment and pay the remaining amount in convenient EMIs.
Home loan is a convenient way to own a home today. If a buyer has a good CIBIL score and meets home loan eligibility requirements, then he/she can easily apply for a home loan. Apart from EMIs, down payment plays an important factor while buying a new home. Efficient planning of down payment can ensure hassle-free home loan repayment process.
Here are a few ways in which you can plan your home loan down payment:
- Mutual Fund investments: Home buyers can choose right portfolio and timeline to make mutual fund investments. This can be used to get good returns to plan home loan down payment.
- Partial withdrawal of Pension Fund: Employed home buyers can make use of their EPF Employees Provident Fund or PPF Public Provident Funds. Buyers can partially withdraw their PF to plan home loan down payment.
- Savings: Savings could be used for home loan down payment, given that they are sufficient emergency funds in place for unforeseen contingencies.
- Amount recovered from selling previous house: Amount recovered from sale of previous home can be efficiently used to fund the down-payment cost of new house.
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.
