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| Step 5: Down payment for the loan |
Home First may sanction up to 90% of the property price depending on the credit appraisal. The balance amount, referred to as Down Payment, has to be paid by you directly to the builder.
The actual % of loan sanctioned and the balance portion will be specified in the sanction letter. You have to make the down payment to the builder and hand over the payment receipt to Home First.
Other documents that need to be completed at the time of making down payment are:
- Construction Agreement.
- Agreement for Sale.
These documents have to be handed over to Home First in original in order to commence disbursal of the loan. |
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