Bank Rules: Age is above 60, will you not get a home loan? Know what are the bank rules regarding senior citizens..

A home loan is a long-term loan. It is generally believed that banks hesitate to give home loans to senior citizens because after retirement they do not have a solid source of income. At the same time, health problems increase and the body is not capable of working hard like that. Elderly people do not get loans, in reality, this is just a myth. The truth is that senior citizens can also get home loans, but before giving the loan, their repayment capacity and age, etc. are considered. If the age is high then the loan period can be short.

Banks consider the elderly as a big customer class.

The truth is that banks have now understood that senior citizens are a big customer class (market) for them. Most senior citizens have some fixed income, such as - government pension, private pension, interest or dividend on investment, etc. Many retired people have also done good savings before retirement, due to which they keep getting income every month. Many elderly people already have their own house, that is, they are completely free from any loan or responsibility.

Do the elderly get loans at higher interest rates?

Many people believe that even if the elderly get a home loan, its interest rates are high. But this is also not true. Rather, many banks give special concessions for giving loans to senior citizens. Sometimes banks also give loans to senior citizens on the basis of their rental income. Many retired people rent out their big houses and shift to smaller flats themselves, in such a situation banks easily give loans.

Eligibility for a home loan for senior citizens?

Income source and Stability – If the source of income is from government pension, private pension, rent, interest or investment, then banks see it positively.

Maximum Age Limit – Generally, the maximum age limit for repaying the loan completely is 75 years. If you are 60 years old, you can get a maximum loan tenure of 10-15 years.

No Prior Debt – If a senior citizen does not have any prior debt, then banks show more interest in giving loans.

Cibil Score – It is important to have a good CIBIL score to get a loan. Previous default of any loan or high credit card dues can affect your eligibility.

Do senior citizens get special facilities?

Many banks provide special facilities for senior citizens, such as flexible repayment option, bullet payment, special discount in interest rate and processing fee, many banks also provide free counseling and doorstep banking facility to senior citizens.

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