Homemaker To Owner

Traditionally, the semi-urban and rural Indian household has seen the senior-most male member of the family as the administrative in-charge. The womenfolk of the household have usually been sidelined, especially when the decision pertains to finances or the purchase of assets. Times have been changing, but the rate of change has been slow. This divide becomes more visible when you observe this cultural gap between the urban/metro household vis-à-vis a rural/semi-urban one. 

There has been a consistent effort from all relevant (Government/NGOs) to ensure there is enhanced empowerment for women. The empowerment translates into a material say of the womenfolk of the house to participate in important financial matters of the house. Yet, the resistance continues. A woman is considered to be responsible for handling the household and taking care of the family. She is supposed to be the Home Maker. 

But the time has come to challenge this mindset in the open. It should be our constant endeavour to bring equality and balance in the society regarding gender roles, especially in the hinterland of the country. There are many organisations and housing finance companies (HFCs) that have brought in extensive campaigns that encourage families to bring in the home-maker of the house to be co-owner of the home. 

There are several advantages that come in when a woman tries to apply for a housing loan. A few of the main feature is like (i) women borrowers pay low-interest rates, (ii) women can access higher loan amount with simple income eligibility criteria, (iii) longer tenure of loans are available for women borrowers, (iv) women borrowers pay lesser stamp duty and (v) they are also eligible to take advantage of schemes like Pradhan Mantri Awas Yojana (PMAY).

Many HFCs are encouraging the involvement of women in the process of home loans. The companies are now briefing the prospective buyers of having a women co-borrower and the advantages associated with it. The buyers get attracted when they hear that they can avail the loan much earlier as the processing is faster and also not least the interest rates are also lower for a women borrower. When the lady of the house becomes a co-borrower then it helps them to avoid legal hassles in the future in case of the primary owners’ demise. This also ensures that the home-maker has adequate financial security in case of any adverse events in the family.

Nowadays if we only see women borrowers as homemakers, then we are not doing justice to the successful women entrepreneurs who are engaged in small-scale businesses to run or support their households. The process for them has been made simpler and also faster by the loan providers which helps them in their transition from ‘Homemaker to Home Owner’. 

With the rising number of women borrowers, many HFCs have taken the route to come out with social campaigns focusing on women as the borrower of a property. This awareness program has now become a part of the sales training process for companies. The concept of “Home Maker to Home Owner” is definitely going to make a difference to society at large.

The author is the CEO of Shriram Housing Finance 

DISCLAIMER: Views expressed are the authors' own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.