It is better that you make your wife as the first applicant when you apply for a home loan, so that you will get more preference in sanctions.
As per the statement made by LIC Housing Finance Ltd’s Chief Executive and Director, V.K. Sharma to Business line on Saturday, the company often offer loan to the women or any first applicant with women in their side. He added that this has been in practise as the company is getting the repayments on a specified time.
LIC being the country’s third major company offering home loans, it has provided approximately 1.47 lakh to women among 8 lakh advance. V.K. Sharma also added that they want to increase this number in the future.
Bhagya Lakshmi plan:
At present, LIC Housing is intending to attract women applicants in more numbers by means of a special scheme called ‘Bhagya Lakshmi’, which provides low interest of 25 basis points when compared to the usual rate.
Most of the lenders have found some factors in women that drive them quickly to the home loans. Sharma stated that women always try to make some ideas to retain the house, if she is the initial applicant.
Canara Bank’s Executive Director, Archana Bhargava has commented that women are normally very much committed regarding the financial matters and try to repay the amount in correct time. She added that you can generally experience this when given the women with high reimbursement loan rates for self-help groups.
As per the announcement made a senior official from the State Bank of India, a variety of methods were being planned by many banks in order to carefully handle the raising non-performing assets and women motivation to group for loans can be one among them.
The official also said that the reason for getting the home loan is to purchase a home for investment. He also said that many women do not get the loan just to acquire the home in the small ticket loans. This will normally decrease the default chances.
Bankers have said that loan preference is given more to the women applicant, if she is a government employee.