Affordable home purchase/bigger down payment- what should you do?Purchasing or buying a home or building one is the most important decision of one’s life. And hence it’s difficult to even decide the type of society and housing one should choose with a long-term factor in mind. In Modern era, Real estate in India is a very vast market with property developers in India taking the business to new heights with offering some world class facilities with houses and basic necessary amenities. With many factors affecting the buyer’s mindset for purchasing home, there are some very typical decisions to be made such as buying an affordable home with fewer mortgages or going for a big home with a large down payment!The scenario of Down PaymentDown payment was an interesting addition to buying a home for easing out the burden of paying a huge amount for a dream home. With the down payment, the purchaser can pay a quarter or a part of the amount for the home substantially and then rest amount can be paid via EMI’s by taking a loan for some percent of interest on the amount. People who decide to buy a home either have a mindset of taking a home loan from banks or do have some liquid cash with them. Purchasing a big house, with loan obviously mean that the pocket will get pressurized with the EMI generated per month. While opting for a loan, it is necessary to ensure that you have a sufficient income every month so that it can fill up the EMI’s of each month and also can tackle other monthly outflows.Though buying a cheaper home can benefit the purchasers and property developers in India. The benefits such as maintenance cost of the cheaper and small home are far less than those for big ones, the remaining amount can be invested in other places to get better returns than investing in real estate, and also an ample of money can be saved for future retirement or can even be used buy another property or land which can return maximum benefit to the purchaser.ConclusionReal estate in India has eased out the payment processes substantially for buying home. Since purchasing a home is majorly a one-time event for the majority of people in India, it has to be carried out carefully so that a best possible home is purchased. The purchaser must keep in mind the fact that if they do not have any fixed income then they might have to foreclose the loan i.e. if in any case, they miss out any EMI then they may be listed among loan defaulters, which may be cumbersome afterward. Hence buying a cheaper home would result in fewer amounts of loan and less amount of EMI’s too. On the other hand, a big home can also be purchased if there is a large down payment available with oneself so that the amount of loan in less so that the EMI generated on one’s pocket is less per month.