Koyal Mukherjee, a 29-year single woman, who worked as a Senior Marketing Manager in Kolkata, at a known MNC company wanted to live in a home of her own.
She had enough of living in rented places and because of many other issues, she was zeroing in on purchasing a home with the help of a Home Loan from a leading NBFC.
She applied for a Home Loan, but she was told to bring in a co-borrower despite her drawing Rs.80,000 as the monthly salary. This put her in a fix and a spot of bother.
If you are a single working woman and looking to avail a Home Loan for women buying a home, let’s provide you some inputs.
Here are some points that single working women should consider or will face while they apply for a housing loan for women in India:
– Most banks and NBFCs won’t lend to a single working woman unless she gets a co-borrower
– Even if she makes her mother as a co-borrower, a lender may not approve the loan
– Banks will often seek guarantors for offering a loan to a single women
– Other than the collateral, she may also have to put in some security
Thus, to make your journey towards availing a housing loan for women easily smooth, let’s provide you some tips!
1. Keep your Documents Handy
Be informed to know that the stronger you make your case, the fewer will be lender’s conditions for approving a housing loan for women. Why? It is always smarter to put your strong points while approaching a Home Loan. Required documents for Home Loan like identity proof, KYC documents, address proof, salary statements and other documents bonus proofs, reimbursement or promotion letter, may make you a probable candidate. What’s more, having a strong CIBIL Score along with a clean repayment history may show your record. You should also try to apply for a Home Loan to a lender you have you salaried account because the lender knows your credibility and affordability inside out.
2. Prepare in Advance for the Payment
As the road towards the housing loan for women may not be easy, you should not complicate the matter by asking for a higher loan amount. Hence, if you are in need of Rs.20 lakh, apply for a Home Loan for Rs.10 lakh only and arrange the remaining with your savings, investment ROIs, taking help from relatives and more. Also, availing a Home Loan for a lesser amount will keep the loan minimal as the Home Loan EMIs will also be lesser. You should also prepare for arranging for stamp duty, registration, insurance amount and other tax charges.
3. Shop Around for the Best Deals in your City
Don’t stick to the first lender that you find good to avail a Home Loan. Instead, go shopping around and looking for the best deals matching your needs and affordability. Yes, you can browse Home Loan offers at a third-party website, compare all deals and then only make a move! While searching for a housing loan for women schemes in India, you would also come to know that many lenders have women-centric deals. Many private and public sector banks offer women-centric Home Loan offers. Non-banking finance companies (NBFCs) are also not far behind these days in offering a customized housing loan for women. Thus, all that you need to do is research well and shop around to know of a best Home Loan for you. If you don’t have much idea about all these, you can also consult a known financial expert to help you out!
The Bottom Line
You just went through some of the vital tips to help you grab a Home Loan for women easily if you can implement them carefully. Go ahead, assess your needs and affordability properly so that you are loan ready!