Easy and simple ways to cope with the bulk, fatty down payment
Posted on: 30/Nov/2017 11:32:43 AM
Before planning for down-payment, here are a few points to note. Down payment is the initial payment that you make while buying something out of credit.
When you plan to get a new home, you need to keep in mind about the different ways of financing the home which are basically of two ways – down payment and EMI.
According to the thumb rule, when your down payment is higher, your loan will be lower and so will be the monthly payment.
So, here are a few tips to plan your down payment
- When you sent a home loan application, make sure to allot some funds for it
- Avoid all kinds of outings or vacations or frequent visits to malls where you spend a lot! You can rather save all the money instead
- You can try borrowing funds from your friends or family who are trustworthy to you and to whom you are reliable too
- Pick up a part time work to make some extra bucks
- It is usually not a fair way to choose raising funds out of selling investments. If you however need it, you can choose to do so
- Gold is the next safe option of making money to meet your financial needs. You can avail gold loans for a period of 6 months to 48 months of repayment. The major banks allow you to get at least Rs 50,000 funds. In the rural markets, you are allowed to obtain gold loans lesser than Rs 50,000 also
- Make sure to have a separate savings account for saving money. The money saved in this should never be used for any other purpose apart from making the down payment and meeting different kinds of expenses with your new home
