Budgeting for Your Home Purchase

Ans. While the ideal down payment amount may vary, it is generally recommended to allocate at least 20% of the property's value as a down payment. It helps reduce the loan amount, avoids additional mortgage insurance, and improves long-term affordability.

Ans. Yes, property prices in India are often negotiable. Therefore, conduct thorough research, compare prices, and negotiate with the seller or developer to secure the best deal possible. However, remember that the extent of negotiation may vary depending on market conditions and the specific property.

Ans. Calculate your monthly income, subtract expenses, and aim to spend no more than 28% on housing costs, including mortgage, taxes, and insurance.

Ans. Hidden costs include property taxes, homeowners insurance, maintenance, repairs, HOA fees, closing costs, utility bills, and potential renovations or upgrades.