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The current scenario of Single Moms and Home Loans in India

Author: Radha Lakshmi
by Radha Lakshmi
Posted: Aug 04, 2019
home loan

Motherhood is one of the most unusual yet most challenging jobs in the world. It becomes tougher, especially when you are doing it on your own as a single mom. However, you ladies have this incredible strength in you that can simplify everything. Many single moms are handling the responsibility of their children, along with their exceptionally well-going professional lives.

Gone are the days, when buying own home was difficult for a single mother. In the last decades, the number of single mothers owning properties has significantly increased. Although the home buying process seems intimidating, you need not worry. Stay with us to know the current scenario for single moms and home loans in India.

The home buying process for single moms in India

It is still a misconception of many single mothers that buying their own home is out of their reach because it requires a tremendous amount of sum already present in their accounts. However, it is not reality.

In India, any financially stable women can apply for a home loan if she wants to buy a property on her own. The option of home loan to buy a house not only provides you finances but also they help you to plan your budget in the long-run.

Home loan for women

The power and the number of working women have grown exponentially over the last decade. Women have become an essential part of Indian economy. Thus, many Indian financial institutions are crafting programmes to attract women customers. From specialised credit cards and savings account with additional benefits to exciting offers on different loans, these financial institutions are encouraging women to be financially independent.

One of such programmes is home loan for women. Banks are taking numerous efforts to make home loans affordable for women. Lenders believe that women are reliable borrowers and to ensure active participation of women in the home buying process, home loans are available at lower interest rates. Also, women applicants are offered special offers and rates on their home loan processing fees along with several other benefits in different aspects of home loans.

Preparation a single mother has to buy a house

In the beginning, you need to decide that in what locality you want to buy your house? From here starts your journey of purchasing a home. You need to do a little research about prices of properties in that particular locality as it will give you an estimated amount you will require to buy a home.

Once you have the figure, you can apply for a home loan. Many websites will help you to calculate your eligibility for a home loan as well as compare different loan lenders. To be eligible for a home loan, you need to fit in the following criteria,

  • Indian Resident
  • Age more than 18 years and less than 70 years
  • Regular income
  • Good credit score

As women are considered safe borrowers, you need not worry about the rejection of the home loan.

About the Author

A mother of 2 lovely kids. Digital Marketer by profession and a blogger by passion! Here to inspire and motivate people with my writing.

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Author: Radha Lakshmi
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Radha Lakshmi

Member since: Mar 03, 2019
Published articles: 28

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