Vijay a peon working since past 10 years and had saved some money and also has some investments. Though small amount this all did matter when he decided to get married. The decision to get married to a school lady helper was the right one, as he had already decided to get married to a working lady. Having a simple marriage and clubbing all gifts as cash he conquered the first fear every home loan borrow has, that is to collect the amount for down payment. With marriage began the thought of owning a home as they lived in a joint family with his brothers and their family.
Living in a single room and kitchen was more of an adjustment but both were happy and positive with the arrangement. They all knew the limitations but this did not stop them from dreaming to one day buy their own home. People would comment on their family staying in such a small place and sometimes challenge them that a peon cannot afford a home in today’s times. Vijay and his wife were the silent type who would not react to such comments but inside deep within grew a dream and to accept this as a challenge and Vijay did dream of giving his children a new home of own.
Vijay being an intelligent and understanding person did take advice of his colleagues and employers regarding homes, rates and also home loans. His experience and reputation over the years had his employers in his favour and they also knew about his investments and financial position. Here he won the first step by collecting money for down payment. Since the employers knew him he was offered some amount without any interest as a personal loan. With this assurance began his journey of searching for a small home. He did his home work well. Malti on the other hand also discussed with her employers the same and got tips regarding homes, home purchase and home loans. This step was very necessary and their confiding with their employers did get them the support morally as well as financially from their respective employers.
He began enquiring about small area houses and availability of such homes, Rates of area per square foot and also total cost of home was in his agenda. His eligibility criteria had some plus points, permanent job, past record and his bank account. His total income and his wife’s income did make a good amount for taking a loan and with proper planning they felt that the dream of owning a home could be managed. With the advice of their company finance adviser they got hold of correct knowledge and documents required for applying for a home loan. A year went with all planning and enquiring and collecting information. His home loan was approved with the guarantee of his employers.
The most important and major decision was to choose from properties that were far away and finally they did select a property on outskirts of city as the rates here were affordable. With 8 Lakh rupees gone in the flat they did not have any functions or celebrations for house warming except for the rituals of puja for their new home. Though his wife Malti was reluctant to take a home here but Vijay being practical understood that they can travel for few years in the beginning and since they have not though of going the family way soon they have also started saving more for the EMIs that begin with home loan. The house is one room and kitchen flat and though small you could see their eyes sparkle with the possession of their new home.
Dasheera was a lucky festival as they shifted to their new home and we pray and wish them good luck, may their new home give them loads of happiness and they repay their home loan sooner than expected!
Simplify paper work, twist and turn some eligibility criteria for offering home loans, and finally please reduce the down payment, lenders! help people achieve their dreams!
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