BusinessPhoto: NDTV BusinessWhy Down Payment Matters More Than Home Loan Amount
When buying a home, the down payment impacts financial comfort more than the loan amount. For example, Rahul plans to buy a Rs 50 lakh home. Paying Rs 15 lakh down instead of Rs 10 lakh reduces his loan from Rs 40 lakh to Rs 35 lakh. At 8.5% interest over 20 years, this saves about Rs 5.4 lakh in interest and Rs 4,340 monthly EMI.
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