Caravela Homestay is tucked away in the Fontainhas. These narrow streets, colourful buildings and storefronts are on view from this Portuguese mansion that celebrates a 15th century Portuguese ship. Just a hop away from the Mandovi River, this is a good budget option if you are looking to stay in Panjim, the central point to everything you may want to explore across Goa. A café that serves delicious Indo Portuguese food is an added bonus. Rates start from INR 1,500 for a single room.