Home Loan Down Payment Requirements
Looking for home loans in market, but confused how much you have to pay as a down payment for your house. For this requirements you can check our calculator and various options which let you know how much you have to pay.
Steps to Calculate Down Payment Amount for your House:
- Banks generally offers 80% – 85% finance for your property/home/flat price. It means you have to pay 15-20% as a down payment.
- If you want a older flats or home in old building than you have to pay more down payment because banks calculate eligibility loan amount on the basis of property.
- Banks decide the amount of loan by taking into account your monthly income, age, No. of dependents, spouse’s income (if any), credit history and repayment capacity.
- Pay as much as Down payment because its correspondingly helps you to save a lot of money in longer term.
For Example,
Looking for a Rs.30 lakh home? Now, you need to pay at least 20 percent of the money or Rs. 6 lakh as downpayment or from your own saving or pocket. Add another 5 – 7% as a stamp duty and registration charges it means the final amount you have to pay from your pocket is approx Rs. 10 lakh. Or you can assume this amount as a downpayment.
Simple calculation:
- Home Value – 10 Lakh
- Loan Amount by Bank – 8 Lakh
- Down payment – 2 Lakh
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