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Home Loans For Separated Women

Discussion in 'Life Without Spouse' started by needawayout, Dec 25, 2022.

  1. Dec 25, 2022 #1
    needawayout

    needawayout Silver IL'ite

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    how do you even take a home loan when the woman is separated and only earning member ?
    All banks need a co-applicant. How do we get a co applicant? no children, separated, 70+ parents are not allowed to be a co-applicant.
    So what now for us?
     
    needawayout, Dec 25, 2022
    needawayout, Dec 25, 2022
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  2. Dec 26, 2022 #2
    blackbeauty84

    blackbeauty84 IL Hall of Fame

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    Is co-applicant mandated by the banks? I took a home loan when i was separated and only earning member of family, there was no co- applicant, didn't have any hassles on loan sanctioning part.
     
    blackbeauty84, Dec 26, 2022
    blackbeauty84, Dec 26, 2022
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  3. Dec 26, 2022 #3
    needawayout

    needawayout Silver IL'ite

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    its not mandated by RBI. BUt banks are really really particular about having a co-applicant. About 10 years ago, I took a loan and they needed my mom to be a co applicant. MAybe our eligibility comes down multiple fold if we take it just on our own.
     
    needawayout, Dec 26, 2022
    needawayout, Dec 26, 2022
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  4. Dec 26, 2022 #4
    peet1983

    peet1983 Silver IL'ite

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    Hi,

    They looks for a co application mainly based on our age, repayment duration, current emi's, choosen emi, salary etc to get a assurance for the bank that we will repay all the loan amount with their huge interest component.

    You can check with them why they asking for it or can reduce the loan amount to avoid a co applicant, AFAIK.

    All the best
     
    peet1983, Dec 26, 2022
    peet1983, Dec 26, 2022
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    needawayout likes this.
  5. Dec 29, 2022 #5
    needawayout

    needawayout Silver IL'ite

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    yep. looks like that is the case. They give very less amount without a co applicant. Specially women.
     
    needawayout, Dec 29, 2022
    needawayout, Dec 29, 2022
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