Jul 5, 2019
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Overcoming the down payment hurdle through HomeCapital

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Buying your first home can be one of the most exciting and stressful moments at the same time. We often find ourselves in a situation where we are puzzled about our choices of buying a home which includes the type of home as well as the finance required to buy that home. But with the right information, you can shop for a house, apply for a home loan, and close the deal with confidence.


Buying your first home and saving cash for a down payment and Stamp Duty, always cause delay to purchase a home. Due to these reasons people often back up to the idea of buying the perfect home and settle for cheap or rented options. However, there are other factors that decide our possibilities of buying a home. 

 

When applying for a home loan you should be careful about your credit or CIBIL score. It is important to ensure that your CIBIL score is in order and you’ll also want to consider the amount you’ll need to make buying your first home a reality. Of course, there’s your down payment — typically between 10 and 30 per cent of the purchase price.

As you save money for your down payment, avoid the temptation to invest in the volatile stock market with money you hope to use in the next year or two. While you might be tempted to try to earn a greater return on your money than an online savings account paying one per cent, the greatest risk is not having your money available when you’re ready to buy a house.

As you save, don’t underestimate how much money you’ll need — you might be surprised at how much cash you’ll need for Down payment but Program of HomeCapital can help you as they are providing Down Payment Assistance, an interest-free credit program directed at home buyers. This unique program is an opportunity to buy your home today without having to wait for years to accumulate savings. The program gives you the ability to buy your home today with your future savings. It provides for interest-free down payment assistance matching your contribution to support your home buying. It is their conviction that everyone should be given the opportunity of buying their dream home.

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Finance enthusiast and a part time blogger

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