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What is a Downpayment?

The down payment is the difference between the cost of the property and the loan amount approved by your lender. From a buyer’s perspective, it is a commitment you are making to enter into a home loan agreement with your lender.

Although there is no upper limit that has been set on how much you can put down as a down payment, such payments usually range between 15-20 % of the value of the property one intends to purchase.

The more money you can put aside for a down payment the better it is since it will result in a shorter tenure of a loan and easier EMIs. However, you need to bear in mind that the down payment does not include other costs such as stamp duty, registration, transfer charges and the likes.

While choosing a property, be mindful of the fact that banks are not very willing to finance properties that are considerably old and not in good condition.