Guide to buying homes for millennial women

Today, young Indian women have gradually, stepped out of the shadows of societal prejudices to embrace their freedom and taken control of their lives. This fiercely independent group is known as Millennial women, who make critical decisions based on their own intelligence, understanding and financial capability.

Many millennial women tend to begin their careers at an early age and prefer to invest in real estate. Additionally, financial advisors also recommend this as a wise investment strategy, which comes with long term gains. Let’s look at a few steps that millennial women need to keep in mind while buying a house of their own.

Financial prudence
Before you go ahead and sign on the dotted line, make sure you do some adequate financial mapping. Also important is the location of your new property in terms of safety and accessibility to essential local services, roads, and railway station. Several other aspects such as your marital status,

job stability and your other financial needs and goals, also need to be given thorough attention before you choose to invest in real estate. There are numerous options in the affordable housing space, which won’t put a strain on your finances.

Swipe a clean credit score
You may indulge your shopping impulse almost every day, but if you are looking to invest in real estate, then it is important that you have a clean CIBIL score of (750 and above). The three-digit numeric between 300-900 assigned to you by India’s premiere credit bureau, is based on timely repayment of your credit card bills before the end of each billing cycle.

Cognizance of your rights
If you are house hunting by yourself then make sure to not get lost in translation as the real estate market can turn out to be a head spinner. Moreover, as a woman it is important to be mindful of what your requirements are and be aware of your rights when seeking out a home.

The lucrative loan
An advantage for millennial women is the exceeding competition among lending institutions to offer lowest interest rates on home loans. So, you may already be paying off your student loans if any, but don’t let that burden stop you from purchasing property. But you don’t want to be burdened with a hefty EMI. Therefore, you need to choose your lender wisely and get an in-depth understanding of financial nuances before making the decision.

Safeguarding property papers
After you have signed on the dotted line and got yourself a good deal, get to the business of securing your papers. Begin with making photocopies of the property documents. You can store them in at least three different safe places; get them digitised and locked in an e-safe as well.

Next step should be to update the new address on all your official documents. Finally, transfer all property related paperwork such as water and electricity meters, society membership and property tax records in the local municipal body in your name. Finally, make sure to apply your best intuition and prudent financial discretion, and get yourself a lucrative investment deal.

By Rajeeb Dash