There is a misconception that home loans are only for an employed individual, not for pensioners. So, coming to your query, can a pensioner get a home loan? Yes, a pensioner can get a home loan in India. However, it depends on factors like age, income, repayment capacity, and lender policies.
Can You Get a Home Loan on a Pension?
In reality, both employed and pensioners can get home loans, but the duration will obviously be shorter and the borrower's ability to repay will still be a determining factor. Many banks, such as SBI and PNB, offer customized home loan schemes for pensioners:
SBI Pension Loan: Offers home loans to retired government employees, defense personnel, and family pensioners.
PNB Baghban Loan: Provides home loans to senior citizens with relaxed terms.
Banks may impose certain restrictions and conditions.
Most banks have an upper age limit of 70 to 75 years at the time of loan maturity. Some lenders may extend the tenure if the pensioner has a co-applicant with a stable income.
Pensioners must have a regular pension or other stable income sources, like rental earnings, fixed deposits, or annuities.
Loan tenures are shorter for pensioners, usually up to 10 years.
I hope this resolves your query.
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- You can apply for a home loan from the bank in which he/she has their pension account
- The home loan tenure is up to 15 years or up till 70 years of age.
- You must have a good credit score
- The maximum loan amount depends on the age of the pensioner, credit score, and other bank terms.
- You must choose a secured loan. It is easier to obtain a secured loan and in case pensioner is unable to repay the loan, banks can recover the loan amount through collateral
- Opt for joint loan to get lower interest rates
- Minimum monthly income should not be less than Rs. 5000
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Can a pensioner get a home loan?
Mohit
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2021-09-27T15:02:58+00:00 2021-09-27T15:30:21+00:00Comment
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