I became a co-applicant with my father to take this loan a few months ago. I got to know at that time that the home loan interest rate for senior citizens varies from one financial institution to another.
The LIC Housing Finance has brought out a home loan scheme for pensioners. The floating interest rate starts at 8.50% per annum.Let me share more information about this home loan with you.
What are the Senior Citizen Home Loan Interest Rates and Features?
This home loan gives the benefit of a longer tenure with a loan repayment option until the applicant turns 80 years of age or the loan tenure reaches 30 years of age, whichever is earlier.
Here are a few of the features of the LIC HFL home loan for senior citizen pensioners.
Talking about the eligibility regarding the scheme, individuals who are state government employees and individuals who draw pension under the Defined Benefit Pension Schemes (DBPS) who are up to the age of 65 years as per their last birthday are eligible for the home loan.
Your spouse needs to be a joint applicant even if they aren’t the owner of the property.
Your children can be co-applicants in the loan, and their income can also be added for a longer loan term and higher loan amount.
This is all about the home loan interest for senior citizens. I hope you find this information helpful.
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Authors Of The Question
What is Home Loan Interest Rate for Senior Citizens?
Dinesh
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9 months
2024-02-01T23:02:23+00:00 2024-02-07T23:03:52+00:00Comment
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