The down payment is the difference between the cost of the property and the loan amount approved by your lender. From a buyer’s perspective, it is a commitment you are making to enter into a home loan agreement with your lender. Although there is no upper limit that has been set on how much you can put down as a down payment, such payments usually range between 15-20 % of the value of the property one intends to purchase.

If you are planning to get a home loan, the EMI or the equated monthly installments will be your main consideration. EMI is the sum of money that you as a borrower will pay your lender to clear your outstanding loan. These payments are made every month on a date that is stipulated by your bank till such time that the loan has been completely repaid. The three things that go into the calculation of an EMI are:

• The amount of the loan
• The rate of interest
• The tenure of loan

• Completed loan application
• 1 passport size photograph (including the one affixed in loan application)
• Proof of identification: Electoral ID Card / Passport / Driving License / PAN card.
• Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
• Proof of business address, in case of non- salaried borrowers Statement of bank account for the last six months