Can Unemployed Women Get Home Loans?

Unemployed individuals are not eligible to get a home loan for women. A loan to purchase a property or plot of land includes a high principal loan amount. Therefore, loan providers will approve applications only when the applicant's income is high. It is the same for women as well as men. If they are not employed, they cannot apply for a home loan. There is a fixed minimum salary requirement imposed by every loan provider. Therefore, unemployed women are not eligible to apply. 

When you apply for a housing loan, it is compulsory to fill in the details of income and employment. Unless you provide all the required details, your home loan application will not be processed. However, when it is about a joint home loan, an unemployed woman can get a home loan with the help of a co-applicant.

Home loan for a couple

An unemployed woman can only become a co-applicant on a joint home loan. In a joint home loan, there are two borrowers acting as co-applicants. If one individual has a handsome salary with a good credit score, the other individual can be an unemployed woman. It is commonly seen that a husband and wife take a home loan together. It is quite normal to find the woman working as a homemaker and the husband having a good salary. Having a joint home loan has various benefits like getting an unsecured loan with a low home loan interest rate. Therefore, if an unemployed individual wants to have a housing loan, it has to be done through a joint home loan. An unemployed woman is not eligible in terms of income and credit background to get a housing loan approval. Housing loans are high-value loans and require a lot of screening when it comes to eligibility.

Why are unemployed women not eligible for house loans? 

• Unemployed women do not have any income to pay the monthly installments on home loans. A housing loan instalment is not a small amount. Therefore, it is important that anyone applying for a home loan has a handsome salary to afford it. Unemployed individuals are not eligible for housing loans because of instability in income.

• Unemployed women lack credit eligibility or credit history. If a particular woman does not have a proper income, there is no credit background. Without a stable credit background, loan providers will never approve a housing loan. Having no credit background does not make it a suitable one. Therefore, loan providers have restricted unemployed women from applying for a home loan.

Wrapping up

Unemployed women are not at all eligible to apply for a home loan. Apply for a home loan online only when you meet the eligibility criteria. Make sure the home loan interest rates are affordable, which does not make the monthly installment expensive.