What is the Maximum Age of Home Loan in HDFC?

A few months ago, I planned to apply for a home loan from HDFC Bank because I already have an account there. I thus enquired about the HDFC home loan age limit with my bank manager before submitting an application for a mortgage. He told me that the age limit is from 21 years to 65 years.

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What is HDFC Housing Loan Age Limit?

He further added that the age limit of 21 to 65 years is applicable for both salaried and self employed individuals. 

• This age restriction is put in place to make sure that borrowers can afford to repay the loan within the allotted time frame and have a reliable source of income. 

• Due to the approaching retirement, older people may have a shorter repayment duration than younger people, who are more likely to have a longer repayment period. 

• When I asked my bank manager, why there’s an age restriction for applying for a home loan. He replied that by imposing an age restriction, HDFC Bank guarantees that borrowers are capable of repaying their loans and are financially responsible.

When I enquired about the HDFC Bank home loan eligibility criteria, he provided the following information:

I hope this answer helps you get an idea of the required age limit for home loan in HDFC Bank.

There are several terms and conditions and also criteria that need to be fulfilled before applying for a home loan. Last year our neighbour was discussing how the age of property for home loan matters a lot. He could not get one as the bank refused to lend when they came to know that the property is over 30 years old. Each and every bank has its own criteria so it's hard to tell which bank will allow it and which won’t. I have seen people having several queries regarding home loans so let me answer some based on my personal experience.

What is the maximum age of home loan in HDFC?

Each bank has a different set of requirements. When my brother availed a home loan from HDFC to buy his house, he noted the criteria for it and those are:

• The borrower must be a salaried person

• He or she must be within 21 years to 65 years

• His/her minimum salary should be Rs 10,000 per month

• His/her business income must be Rs 2 Lakhs per annum. 

Now for the United Bank of India, the age limit is different. The age limit of home loan in United bank of India is from 21 years to 70 years. So it will be better to ask the bank officials about it and get accurate details.

To sum up, banks usually do not provide home loans for properties that are over 20 years old or even if they do, the loan amount will be disbursed in less percentage than the actual property value. When it comes to the age of applicant the minimum acceptable age is 21 years and maximum can go up to 65 years old.

Be it the age of property for home loan or the age of the borrower, it is important to know both and ask about them beforehand to the bank officials.