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01 June 2011

Home Loans for Disabled People

Property prices are rising and there is more demand than supply in this field. Still it is a fact that every individual dreams of owning a home and all this can be possible by getting a home loan. Loans for every one and own a home is being heard by all but all these are in a general term. What about people who have suddenly become disabled or are handicapped to purchase a home, can they get home loans? Whom to approach and how to go about it?
Disability can be inborn or sometimes due to an unfortunate accident. Whatever the reason for your disability every individual has the dream of owning a home. Many times the handicapped individuals relatives or family handle all their finances. If the person is partially handicapped and can independently handle all his financial dealings then he can follow his dream and find a way to apply for a home loan. Though the finances may not be that high but there is always a home for everyone. Many Government schemes are read about daily in the news papers and also many reputed builders like the Tata are going into building low budget homes. Many private builders are also following the example of Tata Housing and are going into redevelopment of older housing societies or building low budget houses for targeting the masses.  Hence nowadays whatever your budget there is a home for everyone out there.
First the home loan borrower has to keep record of all their assets. In case one spouse is working then they can present this record for application of a home loan. If they have property, family heirlooms, gold, or investments then all the better, as these can be mortgaged to get a home loan. Many financial loan lending companies will be willing to offer loans to disabled individuals if their finances are clear and on paper. Even gold can be used as an asset for getting a home loan. If they can collect some funds for down payment then the approval of a home loan would become easier. Many times disabled people get monthly allowance from the government and also some of them get Government jobs through the Government quota for disabled people. If these salary slips or income proofs are intact then they can apply for a home loan.
Any private lender will always consider your credit card ratings for approval of any loan along with your monthly income and incoming finances proof.
In case the person has had an accident and this disability is temporary then they can provide proof of previous salary, qualifications and assets like car and other property papers. Their savings, investments and other financial details will make their standing clear and even if at present they do not have a job the lenders can assess the borrower’s repayment capacity. The lenders can calculate the financial position of the borrower and come to a reasonable figure that can be offered as home loan. Here they can also go in for mortgage loans and the lender can keep the new home as security and offer loan against property.
Their personal savings and investments can come handy for application of a new home loan. If they are working they can also go in for a personal loan from their employer without interest. Friends and relatives also would be able to help in this matter by suggesting home loans from lenders with low interest rate or interest free home loans. Many lenders offer special allowances and options for disabled people in order to help people achieve the dream of owning a home. Consider various schemes and offers from lenders and also lenders who consider offering loans to special individuals. Care must be taken to be realistic and purchase a home for which they can afford to repay the instalments every month. And also keep in mind the compulsory expenses every month before going in for a big home loan.
A critical financial assessment is a must and being realistic will help you achieve this dream. Remember that working towards your dream will be the first step towards achieving it, and your disability must not be an hindrance if you have planned finances. The lenders will only see your repayment capacity and this is all that matters for approval of home loans.

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