Single women and the home purchase task
We outline the steps to take when seeking your dream home, and how to apply for the loan.
As more and more women join the workforce and gain financial independence, they get the confidence to make good investments for their stable future. One such investment is property.
As a single woman looking to buy her first home, you must be excited and nervous at the same time. The process is simple, whether you are single, attached, a man or a woman. But do keep the following points in mind when you start looking for a house:
* Find out your loan eligibility. Once you decide to buy a house, it is time to start scouting for housing loan providers. Seek out leading banks and find out more about the home loans they currently offer. You must know your home loan eligibility before you start looking at properties. The home loan eligibility is calculated basis your age, income, current liabilities, number of working years left, city of residence, etc. It is the amount of loan you can get from the bank or housing finance company. Once your home loan eligibility is established, it sets a benchmark for the kind of properties you should be looking at.
* Seek out the right locations. As a single woman who occasionally works late hours, the locality where your house is situated must be safe always. This means that there must be enough transport hubs, a police station close by, shops, drug stores and restaurants that operate till late, etc. Also, there must be convenience stores and a market in the vicinity, so that you can call in groceries or shop on your way back home.
* Study the property and its documents carefully. Now that you have liked a house and would be interested in buying it, you must pay a booking amount to the developer or seller. After paying the booking amount, you can get a copy of the property’s sale agreement – have it vetted by a lawyer before you proceed further. If there is the slightest lacuna in the document, there may be problems in raising a loan. The lawyer can advise on correcting any missing information or errors in the sale agreement. Once vetted, you can proceed to pay the first instalment on the house, and then the stamp duty and registration fees.
* Apply for the home loan. Once the sale agreement is registered, you can apply for the home loan. Banks and financial institutions consider registered sale agreements only, so please complete the requisite formalities before you apply for the loan. After your application is received, the lender will review the information provided and conduct physical checks of your place of work, your current residence, and the property you wish to buy. Thus, applying for the home loan correctly, with the latest and most accurate information, is important. After the evaluation report is sent to the bank and approved, the bank informs you that the loan cheque will be kept ready for disbursal at your convenience.