Paying down the house for a down payment? Then take this caution!
Paying house for down-payment
Therefore, making every big decision in life requires a lot of preparations, as well as the first preparation when taking home is down-payment. Now the facility to get a home loan is easily available. There is a convenience of 80 to 90 percent of your home’s cost of debt. But the remaining ten to twenty percent of the amount is too big. : Ie the amount of the amount to be paid by the buyer of the house is also big for the customer. If you make a wrong decision to raise this amount then there is a possibility of disrupting the financial mess of your family and risking your financial security. Therefore, it is not about what to do when standing up the down payment amount. . . . Do not take a personal loan: Personal loan rates are very high. Therefore, the possibility of collapsing your financial tone may be created after the payment of both the loans at the same time.
Since the interest rate of the individual loan is 15 to 18 percent, the installment of the long-term installment remains high, even though there is a higher interest rate, the principal is not seen moving very fast. In addition, the installment of the home loan and the personal loan will be going on for a long period, so you need to remember that you will not be able to get financially inclined at all. Stay away from child investment: The investment that is being made for the education of children can be tempted to withdraw money. Once you withdraw from education investment, then you can fulfill your goal of investing for children’s education. No. Then you have to accept the option of taking loans for children’s education and your financial transaction can be stressed. At the same time, when it comes to repaying loans for housing loans, education loans, there is a great risk of a loan going into NPA due to financial tension.