As a single woman, buying a home independently is now easier than ever before. In fact, to help you, many lenders offer customised home loans for women. Here’s a step-by-step guide on how you can buy your first home using one that’s affordable and convenient.
Find a property that’s right for you
First and foremost, it is important to find a property that is right for your budget. Contact real estate agents and explore a few properties before making your decision. Safety is an important concern if you intend to live alone, so ensure that the building is at least 70% occupied and has good security. Also, your home must be an investment for your future, so be sure to purchase a home in an area that is slated to appreciate in value in the coming years.
Shop for the right loan
Many lenders offer special, customised home loans, which include higher loan amounts, longer tenors, and lower home loan interest rates for women. Using a home loan EMI calculator is a great way to compare such loans and see which one offers the lowest EMIs. This will ensure that you select a home loan with a low interest rate, and one that fits within your budget.
Additional Read: 5 Types of Home Loans That You Can Choose From
For example, Bajaj Finserv’s Home Loan for Women is an excellent option. It offers between Rs.30 lakh to Rs.10 crore, with a tenor of up to 30 years. What’s more, you can make prepayments or foreclose your loan as per your convenience, without worrying about paying any extra fees or charges.
Check your eligibility
When lenders look at your home loan eligibility, they’re taking into account your age, income, outstanding debt at the time of your application and any credit history you may have. If you’re at the start of your career, in a field with room for upward mobility, lenders are likely to take this into account over and above your current salary.Lenders will also consider the current and future value of your property when determining your home loan eligibility, so make sure that you select a property that is going to appreciate in value. You can make use of a home loan eligibility calculator to see if you are a good fit for your chosen loan and find out the amount that you will be able to borrow.
Watch out for additional expenses
When you buy a house using a home loan, you are susceptible to several incidental expenses. Apart from the interest rate, you will have to pay loan processing fees or transaction charges along with prepayment and foreclosure charges. Besides, you may also have to pay for maintenance of the apartment as well as a parking space. It is important that you take all these additional costs into account and then judge the affordability on the whole. When you factor in the extra charges beforehand, you will be able to plan for their payment in a more organised manner.
Additional Read: 10 Hidden Charges on Home Loans You Must Know About
Know the benefits that you’re entitled to
As a woman, you are entitled to several benefits when you buy a home. Besides lower home loan interest rates for women, the government also offers lower stamp duty charges to you. If you’re seeking professional guidance on your home loan application or home purchase, make sure you inquire about any and all concessions and services that you may be eligible for.
With these factors in mind, make buying your first home a pleasant, memorable experience.
Bajaj Finserv brings you pre-approved offers for personal loans, home loan, business loans and a host of other financial products. Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer. Need instant financing? Think it. Done with Bajaj Finserv.
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