Amma Thaaye Home Loan give please

“Madam, we have a problem. Your home loan may not get sanctioned!”
“But why?”
It all happened when I got chased by money sucking house owners and real estate brokers that I just decided to buy a small flat within my means. With so many flats cropping up everywhere and unscrupulous hike in rent; paying EMI made more sense than rent. And hence I set out in search of one. And I found one too, something that can be bought from my savings and with some help from a housing loan. For a middleclass girl (lady?) like me, it has always been a dream to own a house and that to be registered in my mother’s name. You know, like making her proud and all, kollywood style movie inspirations. With such elated thoughts, I approached a bank for housing loan. The project was already approved by the bank and hence it should be matter of days for the loan to get sanctioned. A sales guy enthusiastically called me and briefed me about rate of interest, tenure, EMI details and so on. I emphasised that my mother will be co-applicant, only then the house can be registered in her name as well. After which a series of questions followed; what is her age? Is she earning? Do you have siblings? Does she have any loan? Are your siblings married? Do you have any other property? Does she have insurance policy? Does she have retirement policy? Are you sure you do not want to go as the single applicant? I was sure of not to be a single applicant. My mother has no other loans and will not even be participating in paying EMIs. Still something popped up.
“Madam, we have a problem. Your home loan may not get sanctioned!”
“But why?”
“Because you are not married and you want to add your mother as co-applicant!”
Whaa whaa whaat? Come again.. From when did this marriage became obstacle for housing loan too?
The sales rep starts pouring in some home made laws, sorry bank made laws. Let me summarize some of them.. When a lady registers a property with her mother, all her siblings have rights over the property. If it is a son applying along with his mother then even if other siblings try to claim rights, the case will be in favor of the son. If it is a daughter applying along with her mother, then her brother, her future(!) husband or even her sister’s husband can try to claim the property and the case can go in the latter’s favour. So, a woman with husband, a son with mother, a daughter with father is the most suitable combo to get a loan.
He should have just told,”Madam you are a lady not a guy no!”
“What sir? What about girls like me then?” I put a puppy face hoping things will change.
But the sales rep turned into a kollywood movie dialogue writer, “Because madam you do not belong to this family. A girl’s family is that of her husband’s.”
Whatta dialogue. A stranger comes to my home, and gives me a lecture on where I belong and worse he says am yet to be accepted by one!
Desperate for the housing loan, I first squeamishly approach my sister for a no objection certificate to be signed. After convincing her it is not a matter of trust but just bank process, she signs that she will definitely not try to claim the property. I then approached my dad with a similar certificate. Can it get any awkward? Wait wait. The next document to produce is a family tree explaining history of our family, where in my mom needs to swear that she has only two daughters, nothing more and I get it signed from a gazetted officer. After submitting ID proof of all family members and their duly signed NOC forms, I eagerly look at the sales agent. Can it get any awkward? Wait wait. Next I get bank statement of my sister, her emi payments, her credit card statements. Then I go asking for my dad’s bank statement (for once I get to demand his, yayy), his emi payment details, his credit card statements. Can it get any awkward? Wait wait. He still gives a blank look at me and asks, “Can your mother provide a Will that the house will belong to you after her death?” Now I became the kollywood heroine (or rather hero). “What you ***! You want my mother to sign a will? She will live for many more years and I will throw the money in your face before that man. Who needs your bloody bank? I will get money from somewhere else! You you!” Ok, that was all my mind voice. In reality I am that middle class girl na, so I say, “Sir sir please sir. Already so many documents submitted. Definitely I cannot get you a will!”
What woman empowerment we all talk about yaa? A steady income woman with no previous loans and clear bank statements had to struggle and beg for loan, what happens to rest of the women who are struggling to create an identity for themselves? What happens to young lady entrepreneurs who want to bring some change? Funny part is, any man to whom I tell this story chuckle and say, “We get loan sanctioned in a week’s time.” So why is this discrimination towards women? There is no law stating that a daughter is not eligible to take loan along with her mother. So what is it the bank hesitating about? I guess rather than all these subtle hints they should go ahead and say, “Dear woman, we do not believe in you. Go find a man first and then come to us!” Sigh! How I wish women empowerment is more than just a topic of discussion.
PS: I did get my loan sanctioned after a month.
  1. So true… Sexism plays a huge part. In reality, studies have shown that women pay off more percentage of loans than men.

  2. Harini.. It is kind of, "women will not work for long term and hence will not be able to repay the loan whereas men will have to work life long" attitude.. So they want some reason to reject it and they keep asking you for hundred documents. Dual income couple or husband and not working wife still gets loan much easier.
    I do agree regarding the will. But that that thing that that time and this is not the time..
    Keep reading 🙂

  3. Haha! Its got to do with the succession laws of Indian Married woman. A Indian married woman can do anything with the property in her name. You don't need all the above documents if you given your mother's will stating that this house will come to you after her and that no one else has rights to it. That should've gotten u the loan quickly.

    Btw, I find it funny that you associate will with death. Every person who is an adult should have a duly registered will to avoid confusion and problems after death. Its sad that even educated people don't do it.

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