Hey,
Having a house to call one's own is a dream for many people. I believe our dreams shouldn’t have an age limit. Many people get loans to fulfil their lifelong passions when they are older. I support and applaud these people. If you are wondering, can senior citizen get home loan ? Just keep reading this answer.
Can a senior citizen get a home loan ?According to my research senior citizens in India can get a home loan. Most banks and financial institutions have a maximum age for loan approval. My friend told me, it is seventy years. If you are between the ages of 18- and 70, you can avail a home loan.
In the application for a home loan for senior citizen. The senior citizen will need to show proof of their repayment capacity and proof they have a stable source of income e.g. employment documents if one is self-employed.
If you wish to take an SBI home loan for senior citizens, you will need to fill out the application form and meet the eligibility criteria. State Bank of India has two very good home loans for Indian citizens and NRI. These are the SBI's balance transfer of home loans or top-up loans.
Take a look at the table to know Interest Rates for Senior Citizens :
| Loan Slab | CIBIL Score | Salaried & professionals | Non Salaried & Non Professionals |
| Up to Rs 50 Lakh | 600-700 |
6.70% -7.50 % |
7.00%- 7.60% |
| 50 Lakhs to 1 Crore | 600-700 |
6.50%- 7.70% |
7.00%-7.80% |
| 1 Crore to 3 Crore | 600-700 |
6.50%- 7.70% |
7.00%-7.80% |
| 3 Crore to 15 Crore | 600-700 |
6.50%- 7.80% |
7.00%-7.90% |
Ultimately, the loan amount, loan tenure, and interest rate are decided by the lender. I would recommend exploring home loan for senior citizen in private as well as public banks. You can calculate your home loan eligibility online. I used the NoBroker home loan service to know the approximate amount.
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Read more :
Home Loan Benefits For Ladies
How to calculate home loan eligibility in HDFC ?
How to calculate processing fee for home loan?
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Can a senior citizen get a home loan ?
Urvashi
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2 Year
2022-05-04T16:54:37+00:00 2022-05-04T17:07:21+00:00Comment
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