As per RBI guidelines, there is no such option to avail secured advances with zero down payments. However, you can go for a significantly lower home loan down payment – depending on the financial institution you opt for.
While considering zero down payment on your home loan, you can opt for the following alternative ways –
[A] Opting for PMAY scheme
To make affordable housing reality in India, PMAY provides subsidies up to 6.5% on your home loan interest rates. This lowers your EMIs to a significant extent and helps to accumulate additional funds. Thus, the money saved can be utilized to make the housing loan down payment. This is an alternative to procuring a zero down payment home loan in India.
[B] Arranging funds from your investment avenues
If one holds a thriving investment portfolio, he/she can raise funds for the down payment on home loans. Before going on with it, individuals should know the dos and don'ts of investing in property for great returns. You can sell some of your high-value shares to arrange funds if the current market is performing well.
You can also seek other funds raising options to purchase a home with zero down payment on a home loan in India. Once you have gathered the funds, pick a lender that offers housing loans on affordable terms.
Additional Read: What’s the Lowest Down Payment for a House?
