Thinking of Buying a House? It's not too Late to Get A Home Loan
When it comes to buying your dream home with a loan, the most important thing to consider is if your financial situation allows you to handle home loan instalments, no matter what your age.
That’s right, home loan providers today offer attractive home loan interest rate with relatively easy to meet eligibility criteria – such as age, income, and city of residence. So even if you are closer to the retirement age, you can think of investing in real estate.
Age is Just a Number
While experts may have suggested investing in property at an early age, you can get your home loan application approved by a lender right up to the age of 62. This means you can apply for a home loan if you have a steady income to assure the lender that you can manage the EMIs.
Lenders are usually ready to consider income from various sources such as a rental income, business income, salary or income from consultancies. However, they may not be inclined to sanction a loan based on just your pension income.
The only thing the lender may want to keep an eye on is the repayment tenor you seek. Generally, lenders prefer if their customers finish repaying their home loan by the time they turn 70 years old. So, based on when you apply for a loan, lenders will sanction the home loan for an appropriate tenor.
If you are looking to apply for home loan, here is how you can improve your chances of getting approval on terms that suit you.
1). You can Apply for A Joint Home Loan
Apply for the loan jointly with a co-borrower or co-applicant to improve your chances of getting approval on your home loan. You may choose anyone to be your co-applicant, including your children, spouse, or friend. However, it is advised that you choose someone with a steady income and is at least a decade younger than you. This will improve your chances of getting the home loan on a longer tenor. Decide if you just want a co-applicant or want someone as a co-borrower. In case of a co-borrower, you can share the repayment obligation once you retire.
2). Maintain a Good Credit History
The lender weighs your home loan repayment capacity and your creditworthiness based on your CIBIL score and report. So, when you decide to take a home loan at an advanced age, you should pay special attention to your credit history. This means that it is necessary to be disciplined in your debt repayment activities before you apply for a home loan.
3). Meet Eligibility Termsand Conditions
Use the home loan eligibility calculator to check the lender-specific eligibility terms and conditions. Apart from the basic age criteria, every lender puts forth other criteria such as salary or income and city of residence. So, making sure you meet these criteria will give you a chance to qualify for a hefty home loan on competitive home loan interest rates.
4). How to Repay Your Home Loan at an Advanced Age?
To ensure that your EMIs are within your budget, calculate your EMIs in advance using the home loan EMI calculator. You can use this online tool available on lender websites and input the figures corresponding to the loan amount, tenor and interest rate. This will help you compute an EMI that comes within a pocket-friendly range. You can alter the figures to find the most suitable EMI for yourself.
While calculating EMIs, it is also important to keep your existing EMIs, if any, and all your expenditure in mind. This will help you evaluate how much you are capable of spending for home loan EMIs from your current income. Take into consideration your post-retirement years too and see if your income from other sources is sufficient for you to make timely EMI payments without any hassles.
Consider lenders like Bajaj Finserv for home loans of up to 
3.5 crore at attractive interest rates and convenient tenors. You can opt for the Flexi Hybrid facility to enjoy up to 4 years of principal holiday to help you organise your finances better, low-interest top-up loans to fund urgent needs, and no extra foreclosure charges to help you get debt-free faster.
You can simply check your pre-approved home loan offer to enjoy a more convenient process of availing finance to purchase a home. Need financing for your dream home? Think it. Done with Bajaj Finserv.
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