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Tips for a Single Parent to Buy a New House

Tips for a Single Parent to Buy a New House

As a parent, you want the world for your children. Does a house of your own figure in that list? Don’t lose your hopes of purchasing a house if you are a single parent with one income. Given the abundance of home loan options at low interest rates at your disposal, it is possible for you to purchase a new house.

If you are a single parent looking for a place for yourself and your kid, follow the tips listed below.

Take your time researching

For single parents, house hunting involves non-negotiable aspects like safety, security, comfort and much more. To ensure you find all this in one place is only possible when you invest time in researching. Talk to your friends and family members who have recently bought a place. Meet brokers and agents to get a sense of the market and your options.

You can also leverage the power of social media to help find a place. Not sure how this medium can help? Social media has ample pages where owners list properties directly, and buyers get to schedule tours and interact with them without any middlemen or brokers. These pages have thousands of members and are worth paying a visit.

Additional Read: Home Buying In 2021: Is It the Best Time to Buy A New House Now?

Look for housing benefits for single parents

Several government schemes help you access affordable housing. You can look up the Pradhan Mantri Awas Yojana (PMAY) or the Delhi Development Authority (DDA) housing scheme. Beneficiaries under these schemes can avail of good quality affordable homes and receive a subsidy on home loan interest rates.

Sure, there are certain criteria to qualify for these schemes. You can check individual criteria by visiting the official portals of these affordable housing plans. Make sure you do before zeroing in on the house.

Get one or more co-applicant(s)

As a single parent looking for a safe neighbourhood, you may have to look for relatively costlier options. In such a case, a home loan for a single parent can carry a hefty EMI. Make it easier for yourself by scoping one or more than one co-applicant to apply with you. Usually, lending institutions allow you to add up to three individuals as co-applicants as part of your loan application. Doing this will significantly boost your home loan eligibility and approval chances as the cumulative earning of the co-applicants assures lenders of your repayment capability.

As a single parent, you can involve your parents, siblings, or other family members to be co-applicants to buy your dream home.

Additional Read: New House vs Old House – Which One Should You Buy?

The bottom line

If you are a single parent looking for housing finance, you’ll need a trustworthy lender. Choose Tata Capital for all your financial needs. We extend house loans for single parents with competitive interest rates and customisable repayment tenures.

For a home loan at Tata Capital, you only need to submit minimal paperwork. Once you do, you get speedy disbursal of funds. You can also visit our website and file your housing loan application online with us.

So, get on with your home buying plans by logging on to our website or giving us a call today!

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