1 BHK, 2BHK or 3BHK..what is the minimum down payment required to buy a flat, know here

Down payment is always decided by the price of the flat. That is, whatever be the size of the flat, the price of the flat determines the amount of down payment you have to pay.

Property rates in the country are skyrocketing. Buying a house, especially in metro cities, has become a dream. Recently, a report came out, which said that property rates in Noida have increased by more than 125 percent in the last 3 years. Now in such a situation, when a common man tries to buy a house, he has to take a loan.

However, he does not get the full loan, that is, he has to pay a part of the flat’s price as down payment and the rest of the money becomes a loan. Now, let us tell you in this news that if you are going to buy a 1 BHK, 2BHK or 3BHK flat, then how much down payment will you have to pay.

How is the down payment decided?

If you think that the down payment of any flat is decided by whether it is 1BHK, 2BHK or 3BHK, then it is not so. Down payment is always decided by the price of the flat. That is, whatever be the size of the flat, its price decides how much down payment you have to pay. In most places, 15 to 20 percent of the total cost of the flat has to be paid as down payment and the remaining amount is taken as loan.

If the flat is worth 50 lakhs, how much down payment will have to be paid

Now suppose you are buying a flat, which costs 50 lakh rupees. So if you take out 20 percent of its down payment, it will be 10 lakhs. That means your loan amount is 40 lakhs. According to ClearTax, if you add 8.75 percent annual interest rate and 3 percent processing fee on a home loan of 40 lakhs and keep the loan period as 30 years, then you will have to pay an EMI of Rs 31,468.02 every month. Now this same formula can be applied to 1 BHK, 2BHK or 3BHK or any property.