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How much down payment do I need to buy a house?
Curious about Home Affordability
In India, the down payment required to buy a house depends on various factors such as the price of the property, the type of property, the location, the lender's policies, and your creditworthiness. Generally, lenders require a down payment of at least 1020% of the property's value. However, it is always advisable to save more than the minimum required down payment to reduce the burden of monthly mortgage payments and avoid higher interest rates. Additionally, some lenders may offer better interest rates if you make a higher down payment. It is best to consult with your lender to know the exact down payment amount required for the property you are interested in purchasing.
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