Applying for bank home loans is a whole different experience. There are many conditions and eligibility criteria which must be fulfilled in order to get a home loan. Eligibility states that the applicant must be between 21 to 60 years of age. This brings up a question: can a pensioner get a home loan? If you are struggling to know these details, let me relieve you of the struggle.
Can a pensioner get home loan?
Home loan for retired person is possible if he/she is receiving a pension under circumstances. Here is a glimpse of the same:
- You can apply for a home loan from the bank in which he/she has their pension account
- The home loan tenure is up to 15 years or up till 70 years of age.
- You must have a good credit score
- The maximum loan amount depends on the age of the pensioner, credit score, and other bank terms.
- You must choose a secured loan. It is easier to obtain a secured loan and in case pensioner is unable to repay the loan, banks can recover the loan amount through collateral
- Opt for joint loan to get lower interest rates
- Minimum monthly income should not be less than Rs. 5000
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Read more: Can personal loan be transferred to home loan How much down payment for home loan What is a good CIBIL score for home loanYour Feedback Matters! How was this Answer?
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Authors Of The Question
Can a pensioner get a home loan?
Mohit
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3 Year
2021-09-27T15:02:58+00:00 2021-09-27T15:30:21+00:00Comment
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