In the case of home loans, working couples are always preferred by banks or financial institutions. Since both of them earn, the banks or the financial institutions consider them eligible for home loans. But for a single working woman, home loans do not happen at ease. She often needs to go for low-interest home loans. Nevertheless, some other specific factors are there that she needs to give thought to.
Factors to be considered
Nowadays, several single working women can easily buy a property through home loans. But the case is not the same for every single working woman. Women are earning lesser in comparison face many difficulties while applying for a home loan. But if they keep the following factors in mind, the troubles may be reduced.
● Safeguarding the down payment in advance
Down payment often happens to be a challenge for single working women. To overcome it, women need to invest their margin money carefully in appropriate sectors. Later on, this would help them get back the adequate sum required for the down payment.
● Giving a thought to the financial accounts
Before applying for a home loan, single working women should consider all their financial resources. Their monthly incomes, investment benefits need to be taken into account. The money together should fulfil both the purposes of home loan EMI and the monthly expenses.
● Keeping required documents at hand
To apply for a home loan, single working women should keep their financial documents ready. The documents include-
o Proofs of salary increments
o Proofs of bonuses
o Proofs of promotions
More such documents, fewer the conditions for home loans.
● Considering a co-applicant
It is always advisable for single working women to consider a co-applicant while applying for home loans. It enhances the eligibility of home loans. Besides, it also increases the total income of the applicants. And the EMIs become easier to pay for the women.
● Knowing the hidden charges
Home loans come with several hidden charges, such as-
o Charge for registration
o Fee for processing the loan
o Cost of stamp duty
The loan does not include the amount for any of these charges. Therefore, it is necessary to have clear ideas regarding the additional charges of home loans. Otherwise, there may occur a fund shortage.
● Having a backup plan
Always a plan B should be thought of. Any mishap can happen in the workplace. Women can lose their jobs, or their monthly incomes can be reduced. For such emergencies, it would be wise to have a contingency fund. It would help for the next six or eight months to pay the EMIs.
Conclusion
In recent times, many banks and financial institutions have offered low-interest home loans to single working women. Finway is a financial institution that provides a home loan in Delhi at a minimal rate of interest to women. Keeping the basic factors in mind, researching, and choosing a proper bank or financial institution helps single working women overcome the difficulties of home loans.
