Maternity Leave Home Loans

March 16, 2020 Off By admin

For those who want to procure a home loan, and have a child at the same time, but fear that costs may be prohibitive getting a home loan in such a situation is still possible.

In this new stage in your life of bringing up your baby and stopping work for awhile to give your baby all the attention that he or she needs, you may think home loans will not be granted at all.

However there are some banks that understand your situation, and will grant your home loan although in essence you are not receiving any sort of actual income while you are away from work.

Those banks that are cautious will refuse to approve a home loan if you are on maternity leave. Some banks on the other hand will require at least payslips for three months prior to your maternity leave in order to have some measure of assurance that you will be able to pay the home loan.

Another factor that banks look into when you wish to procure a maternity leave home loan is whether you are going to be paid or not during your maternity leave. Of course, banks favor those who get paid while on maternity leave. There are few select banks that will approve a home loan even though you are still on maternity leave.

Banks also look into the length of your maternity leave. This maternity leave sometimes is based on the preference of the mother. Usually lenders can tolerate up to 12 months of maternity leave. If you go on leave for more than a year then expect that your loan will not be approved. Thus, women who go on maternity leave for only half a year generally are more likely allowed and granted a home loan.

Another possibility for mothers is to get a home loan while pregnant. The likelihood of your home loan being approved during such a period is better than when you are already on maternity leave and have given birth.

For more information on these types of home loans particularly the maternity leave loans , inquire with the experts as they can help you with what you may need in order for your home loan to be approved.