Policies, Codes & Other Documents
Owning a house one of the basic necessities, the others being food and clothes. In India, having a house is considered to be the most valuable asset of one’s life. And no matter the real estate industry in India is enormously growing to reach new heights with every passing day. If you are a lady and just conceived, you must be thinking to bring your child in your own house. Even, your husband will be eager to get stable in life as a new child brings enormous happiness and responsibilities. Your household expenditures will rise suddenly. Baby products don’t have baby price tags; they are much costlier than what you have thought. So, if you are financially stable, buying a house before your baby is born is not a bad idea. And booking the property under a woman’s name give you many advantages. Whether single, married or widowed, women in India constitute 30 percent of the home buyers in the urban area. Real Estate is no more an exclusive domain of men.
To ensure women actively participate in the house buying process, most lenders offer a discounted interest rate to the female home loan borrowers. Also, women are required to pay lower stamp duty charges as compared to their male counterparts in some of the states like Delhi and Haryana. Despite these women friendly schemes run by the government and the home loan lenders, many pregnant women have acknowledged the fact that getting a home loan sanctioned is not an easy task.Many women have complained that their loan applications have been rejected while they were on maternity leave with full salary from the employer. Home loan lenders often believe that the woman may not return to work once her leave is over as her baby is still too small for day care. However, such type of mortgage discrimination is illegal. When a woman and her employer are willing to provide a letter, stating the date of her return to work after maternity leave, there shouldn’t be any reason to reject her home loan application. Lenders might think that pregnant ladies often fall in the high- risk category and there is a 50 – 50 chance of them repaying the loan amount during the loan tenure. If both husband and wife are applicants, the lender may sanction the amount pertaining to husband’s salary only.
Though, these days a home loan borrower can apply for a home loan online, there are certain things to keep in mind, especially when you are planning to bring a new life into this world. Never trust the builder blindly, and a ready to move in property is always a better option as there is no chance of fraud. You buy what you see, and you get what you buy. Prepare a checklist about land like Khata type and other government and municipal approvals. Don’t hesitate to ask questions, such as, whether the property has all NOCs or the project has been approved by a bank or whether they provide occupancy and possession certificate without any hassle. What will be the mode of Khata transfer etc. However, banks will also verify the property and builders and validate them. You can also find the list of approved properties on the bank’s website.
Pregnancy is a beautiful phase for both husband and wife. And it requires a lot of courage to invest such a big amount at this crucial juncture of your life. However, a planned effort and a little bit of financial discipline can get your child a stable life in the world. Don't forget to calculate your EMI using our home loan EMI calculator before applying for a home loan.
Policies, Codes & Other Documents