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If you are doubtful about “Is a down payment mandatory for a Home Loan,” here is the answer.
A home loan down payment is an upfront payment made by the homebuyer when purchasing a property. It is generally a percentage of the property's total cost and is a commitment to the purchase.
The minimum down payment for a home loan varies based on the loan amount, property value, and the lender's policies. It usually ranges from 10% to 20% of the property's cost in India.
Opting for the minimum down payment allows you to preserve your savings and maintain liquidity. It requires less upfront capital, making homeownership more accessible.
Making a higher down payment offers several advantages. It reduces your loan amount, resulting in lower interest costs over the loan tenure. It also leads to quicker loan approval.
While a down payment is often required, the amount can vary. Choosing between a minimum or higher down payment depends on your financial situation and long-term goals.
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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