Buying a house at the age of 40? If you accept this advice of the bank, paying the EMI of the home loan will seem like a cakewalk!

It is said that the work of buying a house should be done as soon as possible because if you buy a house late, then you will have to face many financial challenges in the future, and many conditions will also be added to the home loan, etc. However, a good amount is required for the house. Many times, a person gets so busy fulfilling all the responsibilities that there is a delay in taking this decision. If you have also reached the age of 40 and you are now going to buy your first house, then definitely accept the advice of the bank. This will make it easier for you to take a home loan, and paying the installment in the future will also not seem like a burden.

According to the information given on the HDFC website, if you and your life partner both earn, then you can choose the option of joint home loan along with them. This will increase the eligibility for the loan amount. Your EMI burden will also be reduced. By making your wife a co-applicant, the interest rate will be somewhat less and you can save more tax on joint home loan.

Generally, banks provide home loans for a maximum period of 30 years. But if your age is 40 years or more, then keeping in mind your retirement age, banks will not offer you a period of 30 years. But if your credit score is good, your job is secure, then you can persuade the lender to extend the loan repayment period till after retirement. In such a situation, try to take the maximum period of loan you can. This will reduce the burden of EMI.

To keep the burden of home loan low, make a big down payment. This will not only reduce the EMI but also reduce the interest component. However, do not force yourself to make a big down payment. Do not use funds set aside for medical and other emergencies for down payment.

It is better for you if the repayment period of your home loan ends with your retirement. For this, you can make a lump sum repayment from bonus, gratuity or any inherited capital etc. If you get a lump sum from somewhere, you can make a lump sum repayment from it. But avoid using retirement corpus for home loan.

There are many home loan providers these days. Do proper research to choose which one is better for you. To choose a better lender, you should not only look at the interest rate, but also consider many parameters. You should also assess the reputation and credibility of the lender, the lender's ability to advise you to choose the right house, flexibility of repayment etc. Apart from this, choose a lender who does the minimum formalities and paperwork.