What is a down payment and how much is required?

A down payment is a percentage of the total purchase price of a home that a buyer pays upfront in cash. In India, the minimum down payment required for a home loan is typically around 1020% of the property's value, depending on the lender and the type of loan. However, some lenders may require a higher down payment depending on the borrower's creditworthiness and financial situation. It's important to note that a larger down payment can help reduce the amount of the loan and the interest paid over time, but it may not always be feasible for every homebuyer.