The woman of today is career-oriented and financially savvy. She manages her finances well and buys what she needs, even if it is a house. To top it all, affordable home loan interest rates are now making it easier for single women to invest in their dream homes, and take more control of their lives.
As a single woman, are you planning to buy your first home? Here’s what you need to keep in mind when purchasing your first home –
- Pick the right locality and project
Firstly, shortlist the locality wherein you want to live. Make sure that the locality is close to your workplace as well as hospitals, shops, restaurants, etc. The locality should be accessible by public transport for making your commute easy. Once the locality is selected, you need to find a good project by a reputed developer. This is important for two reasons. One, if the project is by a reputed developer, the construction quality and the amenities offered would be good. Two, it would make getting a home loan easier.
- Find a home in your budget
When checking out house properties, keep your budget in mind. Try and find a home within your budget so that your purchase does not disturb your finances and jeopardise other financial goals that you might have.
- Keep your credit report clean
Your credit score is an important deciding factor when you apply for a home loan. Home loans are usually allowed if your score is high, i.e. 700+. For a high credit score, you need a clean credit report. If you are using credit, ensure that you make the repayments on time, every time. Keep your credit utilisation in check and mop up the report if there are any red flags.
- Check your home loan eligibility
If you are looking for a home loan to help you buy the house, check your eligibility first. Every lender has a set of eligibility parameters that you should fulfil to get the loan. Your home loan eligibility also determines the amount of loan that you can avail of. So, check your eligibility to find out the available lenders.
- Compare home loans
There are multiple lenders offering home loans with competitive features. Before you select one, compare the home loan interest rates. Many lenders offer concessions on interest rates for female borrowers. Look for these concessions to make the loan affordable. Moreover, lenders also offer home loans that are tailor made for female borrowers. Such loans can offer you better loan terms. So, shop around and do your research. Compare home loans of different lenders and choose a lender that offers the best deal.
- Opt for a loan that you can pay back
When availing of a home loan, make sure that you opt for a quantum that you can repay comfortably. Use the home loan EMI calculator to find out the best combination of the loan amount and the repayment tenure which yields the most affordable EMIs. Remember, home loans are long-term loans and unless they are affordable, you would suffer a financial strain every time you pay the EMI.
So, for all the single women out there planning their very first home purchase, these tips can come in handy. They can help you buy the best home that matches your needs as well as your finances. Go for a home loan to fund your home and build yourself your very own space.