It is a fact that the real estate domain is no more an exclusive domain comprising of just men. To be accurate with the fact, you must know that around 30% of homebuyers in the urban regions are women. Regardless of their relationship status as in whether they are single, married, or divorced.
However, when a woman is in the transitional phase of her life with her pregnancy, it becomes very hard for her and her spouse to follow their financial plan as the expenses become unpredictable. While a woman is pregnant, there can be many unexpected expenses. Therefore, if you have a decent income, then buying a house would be a wise idea, is a good idea. It is a good idea because once the baby is born, your expenditure will rise even further. Most of your savings will go towards their welfare of the baby, so, because of the baby's future expenses, opting for a home loan before the baby is born is a perfect choice.
However, if you have a decent financial income, then investing in a house buying is a pretty decent idea. It is because once you have conceived, the expenditure will rise even further as baby products do not come with baby price tags. And due to this, most of your savings will go towards nurturing your child and thus, opting for a Home Loan before conceiving the baby is an ideal choice.
When a new member joins a family, most parents wish to have a fresh start, and for that, they would want a home loan. Especially women are too excited about all this, and therefore, a new house tops their wish-list. With the active participation of financial institutions like NBFCs (Non-Banking Financial Companies) and other lenders, this wish can quickly and easily be brought to life.
To ensure that women, under such condition, engage in buying a house, they provide them with special interest rates. Alongside special interest, women in a few states are required to pay lower stamp duty charges. There are also various government schemes in favor of women. Even after so many benefits, there are several pitfalls experienced by women while availing a home loan.
What are the problems faced by pregnant borrowers?
Distrust or lack of trust: The creditor may lack trust towards a pregnant women’s ability to repay the loan even if she’s on a fully paid maternity leave. This is because in some cases after her maternity leave, a woman might get busy, which makes her not come back to work. A new-born baby requires constant care, and hence, the mother is needed to be with the child. However, this kind of discrimination is considered illegal.
Solution: A pregnant woman can approach to register or file a complaint regarding any such discrimination faced.
General Assumption: Lenders believe in the myth that a woman even if she has a job with a stable income, will leave their job employment after baby’s birth. Also, they assume that a pregnant woman is weak and may easily fall sick. These assumptions are why they hesitate to risk giving any home loans to pregnant women.
Solution: A woman can provide her employer with a letter with her words and the final date of rejoining work after her maternity leave.
Partial Consideration: There have been cases where the lenders have suggested approving a home loan based on the husband’s salary only. They do not provide home loans if a woman wants to opt for co borrowing it along with her husband.
Solution: In case of any such issue, women can simply choose a Non-Banking Financial Company. They have required benefits and flexibility in their home loan schemes. You can select them according to your comfort and requirements.
One should never settle for something by compromising with their dreams, future and happy life.