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How Personal Loan Can Be Used for Down Payments

How Personal Loan Can Be Used for Down Payments

Waiting for funds to buy your dream home, that fancy bike you’ve been eyeing, or a sedan for your family? All your dreams, whether big or small, can be financed by loans. Larger loans like home and vehicle loans are perfect for making such big-ticket purchases.

But, you also typically need to make a down payment from your own pocket first. Using your entire savings to do so is, of course, never a wise option. Ever wondered if it was possible to get a loan to make a down payment? Or maybe you’ve Googled ‘Can I take a personal loan for home down payment’ out of curiosity? Well, the quick answer is yes. Let us take a look and see how you use a personal loan for down payments.

Use a flexi loan for easier EMI repayments

When you make a down payment using personal finance, you sign up for paying EMIs on it. If you are worried this will cause a strain on your finances, you can choose the flexi loan option for debt repayment.

Tata Capital, for instance, offers two kinds of flexi repayment schemes:

The flexi interest only loan EMI: With this loan option, you can take a loan whenever you need funds, provided it is under the pre-approved cash limit. Moreover, interest is charged depending on the withdrawal you make instead of the total pre-approved loan amount.

The step-up flexi loan EMI: This loan option allows you to pay lower EMIs at the beginning of your loan term, and increase it later. Hence, the step-up flexi EMI scheme is ideal for loan owners at the beginning of their careers, as it allows them flexibility for making EMI payments.

In addition, getting personal loan for down payment means you don’t have to pay collateral upfront!

Additional Read: Tips to consider while using the personal loan as your down payment

Easier eligibility criteria compliance

Meeting personal loan eligibility criteria is relatively easy if you are a salaried employee, even if you’ve just begun your career. You need to be between 22 to 58 years of age, have a minimum income of Rs. 15,000, and hold at least one year of work experience at the time of application. This, in a nutshell, is the eligibility criteria at Tata Capital. Visit our website today for more details on eligibility and documentation criteria.

Tax benefits

By getting a loan for down payment of a property purchase, home renovation, etc., you can claim tax benefits of up to Rs. 2 lakh on the interest paid against the loan. Naturally, this means you get to save funds while also being able to make big-ticket purchases with ease.

Additional Read: How Not to Fall Prey to Hidden Charges of Personal Loans?

To sum up

Choose Tata Capital for the most attractive personal finance options. Enjoy features like flexi loan repayments, minimal eligibility criteria, no collateral requirement, and more at Tata Capital. Visit our website for more details and start using our free online personal loan EMI calculator to estimate your EMIs today!

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