How much should I save before buying a starter house in Bangalore?
There are many factors that go into determining how much money you need to save before buying a house. You may be able to get a mortgage with as little as 3% down, but in some areas, you may need 20% or more.
The best way to determine how much you'll need is by talking with a lender. They will be able to tell you how much you can borrow, how much your monthly mortgage payments will be and more.
If you're considering buying a home, it's important to start saving as soon as possible. Getting into a home loan program that requires less than 20% down can help you save money on closing costs and get a lower interest rate, but it also means that you'll have to pay private mortgage insurance (PMI). PMI adds to your monthly payments and it doesn't go away until the house is paid off or refinanced — which means the sooner you start saving, the less time PMI will cost you.
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