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Facts You Should Aware Of While Applying For Home Loan in Pregnancy

During pregnancy, every parent wants to buy a house with a bigger space for their children so that they can enjoy their childhood to the fullest. However, these houses could cost you more than your estimated budget. In such situations, home loans could come to your rescue, or you can also apply for mortgage loans. But often, new parents have lots of doubts regarding such financial decisions. If you are also suffering from the same dilemma, then this article could answer many of your queries.

Is It Possible To Get Home Loan During Maternity Leave?

While you are applying for a home loan, the bank authorities will check your overall financial situation to judge whether you are qualified for the loan. Though apart from the financial situation, many other factors play a crucial role in getting a home loan. So it is possible that you could get a loan even during your maternity leave as it doesn’t matter if you are on leave or not unless you could pay all the Home Loan EMIs on time. Most of the companies provide paid maternity leave to their employees, so you may not have to worry about that.

Does Pregnancy Have Any Effect On Application for Mortgage Loan?

Depending on your financial situation, it is possible to get a home loan. If you are applying for these types of loans along with your better half, then the bank will also check your partner’s financial records. And they will consider your’s and their income together before granting you the loan. Apart from these, if you have a steady source income even when you are on maternity leave, then it could increase the lender’s confidence in you. Thus, it helps to get a loan easily and quickly.

Though you need to provide some documents to the lenders, which are compulsory for getting a home loan. As most banks need some evidence of your steady source income, it is why you may have to provide the following documents-

  • An official letter from the employer stating terms and conditions of leave along with rejoining date and your job status after rejoining.
  • You may also need to provide a payslip of the previous three months before maternity leave.
  • Proof that shows your living expenses, healthcare, and other facilities.

Few Tips That Can Help You To Get Home Loan During Pregnancy

Have Realistic Goals

Before dreaming about a bigger and better house, you should be aware of your financial situation and current borrowing capacity. It is crucial to give a thought about how a home loan could affect your life during pregnancy, especially if you have a single source of income.


Must-Have 20% Deposit For The Loan

Generally, no banks will provide you a loan that exceeds 80% market value of your property. If you are applying for a loan, then be prepared to pay 20% deposit money, as it will increase your chances of approval of the application.

Seek Advice Of Mortgage Broker

It is crucial to discuss your financial requirements and situation with a professional as they can give a better idea of whether the lender will approve your application or not. So talking to a mortgage broker before applying for a loan could help you to avoid future stress and trauma.