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- Another solution to this problem would be pledging your liquid financial assets such as bonds, shares, securities, fixed deposits, insurance policies with existing high surrender values, etc. in lieu of the 10% to 20% margin money that you might be required to pay.
- You can also obtain a loan by surrendering your life insurance policy to the life insurance company or to a bank.
- A few banks tie up with well-known builders who provide ready-to-move-in flats. Such flats are partly or completely renovated and come with furniture, which would otherwise not be included in the ‘cost of the house’. In such cases, you will get a bigger loan from the bank, depending on your income. Also, this will reduce your spending on these things when you move in.
- You could also be eligible to take a loan from your Employees provident Fund account if you have had an employee provident fund a/c for more than 5 years.
- You can also make the down payment using your credit card. Although it is never recommended and should be done only if you are falling short by a very little amount because the interest you pay on such a loan is around 35%, much higher compared to a personal loan where you would be paying an interest somewhere around 20%.
- If you have a good track record at your bank then you can also go for the bank overdraft facility/loan which could be another option to generate money for your down payment.
Published on May 6, 2010 · Filed under: Home Loan Tips; Tagged as: Home loan, Home Loan eligibility, home loan guide, Home Loan Tips
Arranging Down Payments for Your Home Loan
May 6th, 2010 by rupeetalk.com
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