Home loan for elderly


#1

Will I be applicable for a home loan as a retired individual?


#2

If you are retired and not actively working it may be hard to get a home loan. While you may be getting a pension amount, banks consider it high risk to offer loan to someone who is retired as
they do not have a regular income. Whatever they may be earning or pension is required for their medical needs and day to day expenses. Under special consideration and circumstances some banks offer loans to retirees provided the age of the applicant is below 65 years or 70 years.


#3

Hi Aswani,
Since a Home Loan is a big commitment and the loan tenure for a retired individual is likely to be low, lenders do not generally provide Home Loans to retired individuals. However, there are some banks that do provide loans to pensioners. This will be based on the pension amount received by them every month. The maximum loan amount offered might be lower than that offered to working individuals. The tenure might be low and the down-payment that you need to make might be high. Most banks fix the maximum age to avail such loans at 70 years. Do check with Public Sector Banks (like Canara Bank) that give Home Loans to pensioners.
Cheers,
BB Expert