Personal Loan

Personal Loan for Home Down Payment

Can we use a personal loan for the down payment on house?

Personal loans are convenient short-term financing options that you can avail to fund multiple expenses. Such loans come with no restriction to end use and so, you may also avail a personal loan for home downpayment.

With the price of houses rising, purchasing it with your savings is near impossible. Funding it through other financing sources thus comes as the next best option. While the price of a flat in your city may run into tens of lakhs or even a few crores, making a down payment with your savings also risks exhausting your financial cover. You can so avail a personal loan,for the down payment on house with Bajaj Finserv.

Advantages of Personal Loan for Downpayment

  • Repayment in easy EMIs with flexi personal loan
  • Avail flexi personal loans from Bajaj Finserv and withdraw the amount you need from the sanctioned limit for a down payment. Choose to repay in interest-only EMIs and prepay at any time before the tenor ends. It makes repayment affordable as interest is calculated only on the amount withdrawn as per the personal loan interest rates.

  • Pre-approved offers for quick approval
  • Get approval on your personal loan quickly with the pre-approved loan offer and receive credit in your account within 24 hours. Availing a personal loan for home downpayment ensures you do not miss out on the opportunity to purchase your dream house.

  • Easy-to-meet eligibility criteria
  • Since it is unsecured credit, the personal loan eligibility criteria and documents are minimal and easy to meet.

  • Minimal fees and charges
  • The personal loan fees & charges are minimum with Bajaj Finserv, which limits the cost of the loan to your affordability.
    However, before applying for a personal loan for home down payment, keep in mind that its EMIs along with the monthly instalments for a home loan may put stress on your finance. Thus, it is important that you use a personal loan EMI calculator and home loan EMI calculator to estimate the total outflow of EMIs before applying for these loans.