Can a pensioner get a home loan?

Applying for bank home loans is a whole different experience. There are many conditions and eligibility criteria which must be fulfilled in order to get a home loan. Eligibility states that the applicant must be between 21 to 60 years of age. This brings up a question: can a pensioner get a home loan? If you are struggling to know these details, let me relieve you of the struggle. Can a pensioner get home loan? Home loan for retired person is possible if he/she is receiving a pension under circumstances. Here is a glimpse of the same:

• 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.

Tips to get home loan for retired person Here are few helpful tips to check retired person’s home loan quest:

• 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

I hope now you know can a pensioner get a home loan. You can check out home loan eligibility and get best offers on home loan via NoBroker Home Loan services

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