Usually lenders do not provide 90% of the loan amount but with a recent mandate passed by the Reserve Bank of India, it has now become possible to do so. If the value of the property which you wish to purchase is less than Rs. 30 lakhs then you can finance up to 90% of the value of the house subject to meeting the eligibility criteria. The remaining 10% needs to be paid from your own savings.
If you are looking for getting your home purchase finance up to 90% but do not know what to do, then here is a list of things that you must remember -
Researching
Use your own thinking and rationality when searching for the best home loans available in the market instead of just of going by the flashy advertisements. You can begin by checking the various third party websites which will provide all the required information along with visiting the numerous forums available online. You can also inquire within your friend circle about who they think would be the best lender for this purpose.
Down Payment
You must remember that 90% of your home loan amount will be financed. The remaining 10% needs to be arranged by you which will be required for down payment. However, if possible it is best to arrange for more than 10% of the amount. This is because it reduces the monthly installment and helps be become debt-free more quickly.
Read Also: 90% Home Loan – Know How to Get in India?
