There are only 3 lakhs in my bank, but I need a home of Rs 42 lakhs. Is there any way I can do that?
This is a very difficult situation inside. You have money but not enough to set up the amount in the form of down payment and allow you to buy your dream house.
So what should you do?
Unfortunately, despite being fully capable of fulfilling EMI in the future, many people postpone their purchases because they are unable to raise money for the down payment.
The borrower is ready to lend credible and credible borrowers, if they can pay 15% to 20% of the total amount from their own sources but it is more than easy said.
In the case of Home loan services in Mumbai a worth Rs 42 lakh, the bank will ask the borrower to bring down the 20% payment, i.e. 8.4 lakh rupees from its own sources. As mentioned in the headline, the available amount is 3 lakh rupees. Brands should be made in some way due to a shortage of 5.4 lakhs.
Now ideally, one should decide to buy a house only when they have saved enough money to pay full downpayment. Although in reality this can not always be possible, in such situations, you can find the following options:
Who can help you when you need it? This is your family members and friends, so if you have extra money, then Home loan companies in Mumbai borrowing from them can be an option that you can see.
You can also go to your employer for a short term loan. Most employers are willing to lend money to their employees at very low-interest rates.
You can also raise some money about your shares, FDs, insurance policies, NSCs, bonds etc. The best part about this route is that it gives you instant liquidity without having to sell your property.
But if nothing works, then it would be better to wait more than that. Looks like there is no show, sometimes the best way to bid is. You can continue saving and keep track of other alternative sources of funds mentioned above. When your extra savings and other sources are enough for money down payment (or more), you can go ahead and take a home loan. If you do not want to drown yourself in the ocean of debt, it is best to be prudent about buying your house, which you want to buy through lending.
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