InvestorQ : I am a single working woman with a handsome seven-figure pay package. What can I do to get a home loan easily?
Samita Patil made post

I am a single working woman with a handsome seven-figure pay package. What can I do to get a home loan easily?

Tarun Madaan answered.
3 years ago

Congrats on your decision to buy a home and all the best as well. Congrats because a house of your own is one of the most fulfilling feeling for an individual and all the best because you are going to need all the best wishes.

Despite what we may show, fact is that it is difficult for a single working woman to purchase a house in India. Maybe it is our deep-rooted patriarchy, or I don’t know what, but buying a house for a single lady isn’t easy. Not to say that its easier for a couple, but its definitely not at all easy for a single working woman.

But there are always exceptions to the norm and I hope you become one of the exceptions. So, here’s what can be done to ease your home-buying journey:

1. Put your best foot forward

This holds true for anyone applying for a loan. You must have all your documents updated and ready for inspection. The stronger your case, the fewer will be the bank's conditions for sanctioning a home loan. Bring out your strong points while applying for a home loan. You must keep your proofs of salary increments, bonuses and reimbursements or promotions to build a stronger case for yourself.

If you had previously taken a loan, then a good loan repayment track record, especially of loans closed, can also be presented to the lender to further your cause. It is advisable that you choose the bank you have a savings bank account as the bank might already have an idea of your credibility as a borrower.

2. Prepare for your payment

You must keep your loan amount as light as possible. Try to fund yourself as much as possible. For example, if you’re purchasing a house worth Rs. 50 lakh, then it would be best for you to use Rs. 25 lakh of your own savings. Not only will this give the lender an insight in to your strong financial position, it will also help keep your loan burden lighter, thus making the entire EMI journey relatively smooth. Also, while calculating, do keep in mind the extra expenses that come in the purchase of a house, such as stamp duty, house registration cost, the insurance amount and various other taxes.

3. Choose your best option

Though availing of home loans is difficult for single, working women, if they are able to meet the stiff terms and conditions set by the lenders, then women also stand to benefit. Many banks offer home loans at lower interest rate to woman applicants.

For example, public-sector lender State Bank of India's “Her Ghar” scheme offers attractive interest rates and flexible repayment options to women. Other than that, stamp duty charges are also lower for women.

So, conduct proper research of the products especially designed for you and shortlist the one that best caters to your needs.