How to Apply for Home Loan while Pregnant?

Last year, my sister applied for a home loan while she was on maternity leave. I’d like to say that there is no such special or different approach that needs to be followed while applying for home loan while pregnant. Your lender will check your assets and income when you apply for a mortgage, just like they would with any other house loan. Your application shouldn't be impacted if you're pregnant, still employed, and your salary is acceptable.

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How to apply for home loan while pregnant?

The process for applying for a house loan is not impacted by pregnancy. You can submit an application for a home loan while pregnant in the same manner that you would have done otherwise. 

In fact, there is nowhere on a loan application where you are required to state if you are pregnant. When you apply for a loan, a mortgage lender has no right to inquire about your pregnancy or maternity leave.

The steps for applying for a home loan are as follows;

• Application:

You must submit a duly filled application along with important documentation proving your identification, residency, income, etc. If you have a co-applicant, they must also sign the application form and provide the same set of documentation as you.

• Loan Approval:

The appraisal procedure starts after you submit the form and the supporting documentation. At this point, a field credit investigation is being conducted, during which a bank representative can reach you or visit your home or place of work to confirm the information you provided on the application form. They'll decide if you qualify for a loan based on this evaluation.

• Home loan sanction:

The Bank will convey the loan amount through a sanction letter after establishing your loan eligibility and confirming the technical and legal features of the property.

• Home loan disbursement:

You would need to send the original title documents to the Bank after they have completed their credit, legal, and technological verification. 

Your payout cheque will be prepared as soon as you provide the aforementioned papers and submit a disbursement request. Before the lender sends you the cheque for the disbursement, you must sign the loan agreement. 

What are the difficulties faced by pregnant women in getting home loans?

Many women have reported that their loan applications were denied while they were on maternity leave and receiving their full pay from the workplace. Home loan lenders often believe that the woman may not return to work once her leave is over as her baby is still too small for daycare. 

Such discrimination in mortgages is prohibited. There shouldn't be any justification to deny a woman's house loan application if she and her employer are willing to give a statement outlining the date of her return to work following maternity leave. 

Lenders may believe that pregnant women frequently fall into the high-risk category and that there is a 50/50 probability that they will repay the loan amount during the course of the loan.

I’d like to conclude my answer here about the process of applying for home loan while pregnant. I hope this helps:)

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