Gone are the days when housing finance was only accessible to men! Today, working women are more than capable of availing a home loan to purchase a property of their choice. But, for some women, housing finance can still seem improbable. To help them, various financial institutions have introduced special “home loan for women” schemesthat can make the entire process of borrowing hassle-free.
Additional Read – Check Out Home Loan Benefits to a Women in India
Are you a single working woman who wants to buy a house? If yes, then here are a few useful home loan tips for you.
1. Assess Your Financial Profile
Estimate your affordability by including other income sources and profits from investments, to accurately determine the home loan amount you can service without compromising on your monthly obligations. Talk to your friends and colleagues and scour the internet to select a credible lender who offers low home loan interest rates.
2. Monitor Your Credit Score
Generally, lenders check your CIBIL score to determine your creditworthiness. A CIBIL score of 750 is desirable as it reflects a higher ability to service a home loan. Thus, when applying for a home loan for women, applicants should monitor their credit score by paying off the existing dues and maintaining a good debt-to-income ratio.
3. Save For Down Payment
By paying a higher amount upfront, women applicants can reduce the total housing loan amount and subsequently, lower the percentage of interest to be paid on the outstanding balance. Doing this will also result in lowering of EMIs for the entire loan tenure.
Additional Read – Home Loan Down Payment Advantages for Women
4. Leverage Government Schemes
Government has announced several schemes such as lower home loan interest rates, tax benefits, PMAY scheme, lower stamp duty, etc. to benefit women homebuyers. For women applicants, some states also offer certain waivers and interest subsidies, to encourage homeownership. Single women applicants can leverage these government schemes when taking out a housing loan to reduce the cost of borrowing.
5. Apply With a Co-applicant
Women borrowers can enhance their home loan eligibility by applying with a co-applicant. You can apply for home loan with up to three earning members of your family. As the combined income will be higher, women applicants can secure a higher loan amount to make the house purchase. Furthermore, each co-applicant can also benefit from tax deductions.
6. Consider Hidden Charges
Usually, when you borrow a home loan, the amount does not cover additional costs like stamp duty, registration charge, loan processing fee, etc. since the lenders only provide the borrower with the home acquisition cost. Therefore, it is wiser to consider all the home loan fees and charges before settling for quick home loans to avoid a shortage of funds.
To avail of an easy home loan at an attractive interest rate, Tata Capital must be your top pick. We offer quick home loans with minimal documentation. For more details, visit our website today!