Want to arrange down payment for your new home? Here are the 6 important ways

Planning to buy a house? It takes a lot to find your dream space in a suitable property and right location. You can’t be luckier to invest in an affordable luxury like Concorde Mayfair.

Homes in Concorde Mayfair are built with love and passion considering the need for privacy and seclusion providing a getaway from the pressures of work life. Concorde Mayfair is a premium housing project with lavish yet thoughtfully designed luxurious residences. Being located at Medahalli, Bangalore the project is an ultimate reflection of urbane chic lifestyle. It is an epitome of simplicity and elegance and hosts exclusive residential apartments in its lap.

Before diving deep into project details let us first consider the financial decisions you have to land up while purchasing a house in Concorde Mayfair Medahalli, Banglaore.

As the property prices are soaring high, and not every Tom, Dick, and Harry is readily accessible with money to invest in. Therefore, to meet the ends, you are required to arrange extensive amount of money to buy your home. We have some tips to help you get the money ready. Read on…

Tips to raise the down payment for your home loan:

1.       Borrow from Friends or relatives 😉: The safest option to pick when you fall short of a few lakhs in your down payment amount. Do not hesitate to borrow from your peers as they would not charge any interest on it and you will get additional time to recompense as per your expediency.

2.      Convert your investments, reserves and savings: The most cost-effective and best option is to liquidate the investments. Investment made in fixed deposits, stocks, mutual funds, golds etc can be converted and used for making down payment. Withdrawing your Provident Fund for purchasing a house will not be taxable, if drawn after 5 years of continuous employment.

3.      Non-Banking Financial corporations: Banks do not have permission to fund stamp duty charges and registration. These charges are included in the purchase price when you raise funds through NBFC, tough they charge marginal higher rate of interest.

4.      Laon for home Improvement: You can raise the down payment of your home loan by taking Home improvement/enhancement loan. Here you enjoy advantages as good as home loan. Like home loan, the tenure of loan is expanded to 15 years but interest charged rate is a little higher. Banks do not grant any Home improvement loan for buying under construction property. Also, all NBFCs and banks consider your overall loan eligibility, that is your EMI should not be more than 50% of your take home salary per month.

5.      Loans raised counter to investments: taking loans against existing investments is also an option to consider. Investments like gold, fixed deposits, mutual funds and life insurance can be used to raise down payment amount for your home loan. Interest paid against such loan is higher than the returns from investment. It’s better to get the investment liquidated rather than taking loans against them. Of course, LIP cannot be liquidated but taking loan against it is possible. Along with attractive loan rates the pressure of repayment is also less.

6.      Loans contrary to property: Consider raising loan by mortgaging the property you already own. Loan raised against a property charges only 1 or 2% extra interest rates. Consider this option only when all above options are exhausted.

7.      Private financing and personal loan: The most expensive option which expands to the tenure of 7 years with interest rates of 14-20%. Personal loans put severe burden on your finances. Even worse is the case with private financing. Money lenders charge high-interest rates for short-term loans. These financing should be considered only at the time of emergencies.

Concorde Mayfair

The above tips will help you take your call regarding buying a home at Concorde Mayfair residential apartments, the home of your dreams right where you want it to be.