Arranging funds for your first home is always a challenging task. Thanks to the rise of the home finance industry, it has got a lot easier to manage funds for buying home. However, despite the home loan available at your disposal, you still have to source the down payment that is at least 15-20% of the total value of the property as banks only allow for a loan that builds up to about 60-85% of the property value.
Let us take the example of a home which costs $73,000. In such a scenario the home buyer would have no option but to arrange approximately $15,000 for the down payment separately. The loan is disbursed only if you can pay your portion of the remainder of the property value which the loan will not cover. Continue reading