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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Hey buddy. Last week, I planned to apply for another home loan but was already a co-applicant for one. So, I reached out to my bank manager and asked him, can co applicant apply for another home loan? He said yes you can, but it mainly depends on several aspects. It includes your financial situation and your relationship with the primary applicant. I have added more details he shared with me below.
Is It Allowed to Become Co Applicant for Another Home Loan?
My bank manager said even if you currently have another home loan or other loan in progress, you can still become a co-applicant. However, you must make sure that you have extra money after paying off the EMIs on your current loan if you are applying as a co-applicant to meet the income criteria. Typically, banks calculate your payback capacity as 50% of your net income.
Who can be a Co-Applicant for Home Loan?
Here are a few relationships allowed to become a co applicant for a housing loan, my bank manager informed me about.
Spouses
Parents and Children
Siblings
I would suggest you better understand the terms and conditions of your financial lenders.
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How can I take joint home loan with my brother?
Can Co Applicant Apply for Another Home Loan?
Aftab7
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2025-03-03T18:01:02+00:00 2025-03-04T09:07:19+00:00Comment
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