![]() ![]() You need to set aside money for this despite your other pressing financial commitments and goals. Having decided on a home, you may find yourself in a slightly difficult situation when it comes to the down payment. Down payment is essential to be eligible for a home loan. This portion that you need to fund from your own sources towards the cost of the house is referred to as the down payment. In a home loan, you need to personally fund a portion of the cost of the home (which is computed as per your eligibility, with a minimum of 10%) and the lender (a bank or housing finance institution) will fund the rest (the home loan amount). They do not want to wait till their 50’s to be proud owners of their home. Now, people in their 30’s and even late 20’s want their own home. ![]() People used to save money over their working life and (after providing for other important needs, such as children’s education and marriage) buy or build a house based on their budget. In the past, a home purchase was often the endeavour of those in their late 40’s and 50’s. The amount involved is large enough to merit meticulous planning. It is often the single biggest decision and transaction of one’s life. It also indicates social status and accomplishment. Your own home is a reflection of your personality. You can design the interiors of your home exactly as you please (without having to seek permission from the landlord as in the case of a rented place). Your own home is very different from a rented place. It’s a place where one can do as one pleases without having to worry about what others say or think. A home is where one goes to at the end of the day, for repose. ![]()
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