Some theories concerning the Home Down Payment Debunked

Source: HomeCapital Website

Buying a home is a challenging and daunting endeavor when it comes to it. And the very lengthy, drawn-out cycle of making down payments on your home-to-be starts when you finally choose the home you've always wanted. So what's the light at tunnel end, right here? It's that, for first time home buyers, home down payment assistance is a godsend. The intimidating task of buying your first house is made much easier by the various available schemes and programs. And there are plenty to choose from if you only had the right support and could distinguish reality from fiction. So, to make things a little simpler for you, let's talk you through the top five myths about a home down payment and why they're completely untrue.

To order to buy a home, you need a 20 percent down payment

While the hunt for the home itself is strenuous, house hunters also easily fall prey to tales of huge down payments. Yet still, a relatively large number of first-time homebuyers are under the illusion they need to have 20 percent of the home down payment to purchase the house they want. It is inaccurate, however, and should not be something that worries for the first time those who are house-hunting. While 20% is a common figure, lenders are more than happy to consider a home down payment beginning at just 5%. So please rest assured that your beautiful home can be yours, without having to plan for an insane sum of money or pay an arm and a leg.

Qualifying for the home buyer program is difficult

For the first time, a lot of people on house search are anxious because a prevailing misconception is that applying for homebuyer programs is difficult. However, many strategies might help prospective first-time home buyers. For instance, the government itself extended a loan subsidy scheme under RERA Act 2016 in 2019. For the first time home buyers who have an annual income of between 6 and 18 lakhs per year, it was extended for a year. This particular scheme meant that new home buyers would have the right to approximately 2.5 lakh of central government support for their home down payment.

Down payment schemes, in India, are not eligible

One prevalent myth that many prospective homeowners are working in India for the first time is that there is no home down payment programs in India. That is false and a myth, as has already been reported. The tech-based solution from HomeCapital, for example, is India's first home down payment assistance program. Our digital service removes the pressure on first-time home buyers and provides them with a straightforward approach to determining their eligibility for a range of deals for down payment assistance. HomeCapital enables first time home buyers to qualify for a home down payment assistance online. The assistance is decided upon based on the income and credit history of home buyers.

In the market, it is too costly to buy a home

The current market situation, inflation, and the millennial mentality of renting anything and never purchasing have contributed to a certain pattern of thinking: owning a home is too expensive. And this is just another story. It's possible to own your own home under the numerous government schemes, as well as the various assistance programs and loans available. With the right support, backed by analysis and due diligence, it's within the realm of possibility to own your first home.

Down payment programs make it more challenging to fund home

Purchasing a home would maybe be your greatest investment or payment. And it is just going to be smarter to get all the support you can. You would need to show that you are financially responsible if you want to apply for a down payment plan. This ensures that the credit score is perfect and the online form is filled out. You will also be expected to perform your research to make it clear that you have made the right choice. It can seem overwhelming, particularly when the process of searching for your first home already overwhelmed you. However, these are only the measures required to access a successful home down payment program, which will ensure that your first home is within your grasp. This is another explanation also why HomeCapital is a good choice. This will help you find your future home in your research with deals from leading developers with whom they have ties.