Bigger down payment: When single try to allocate more money for down payment, it will eventually decrease the interest burden. Also, savings while being single is easier than being with a family. Hence, a little extra down payment now will save mortgage burden for the rest of the lengthy tenure. Ideally, experts recommend individuals to pay 20% of the home purchase amount through down payment, where other additional costs should also be taken care of instead of including it in the mortgage.
One income; more challenge: Buying a home when not married means more responsibility on an individual. There is no security for the home loan borrower, which otherwise is available to a married individual. Banks too prefer to lend to a married couple who have two incomes as the chances of default is less under such scenario. Hence, an individual has to have a robust banking profile, credit score and financial soundness to convince lenders of being a good borrower. Banks may even charge a little extra interest, which is paltry when compared to purchasing a home late.
Emergency Corpus: Despite a bigger down payment and less EMI burden, one should keep three-six months of expenses saved in an emergency fund. Career during early stages is volatile and hence, one must always save for the rainy day.