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Tips to apply for a home loan after 45 Research Team | Posted On Wednesday, January 06,2016, 06:08 PM

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Tips to apply for a home loan after 45



Availing a home loan is quite easy these days. If you earn a good income, your home loan is sanctioned, even if you are in your 20s and early 30s. The problem is if you are 45 years, or over this age. Would you be able to get a home loan at this age or is this the end of the road for you?

Why is it difficult to avail a home loan after 45?

Your biggest enemy in availing a home loan is your age. Yes…You are 45 years. Banks consider your retirement age as 60 years, by default. You have only 15 years left to repay your home loan. Banks believe that this is a difficult task.If you apply for a home loan after 45 years, you are a late home loan seeker.A bank would easily sanction your home loan if you are in your late 20s or early 30s. This is because banks offer home loans with a tenure of 20 to 25 years. You can easily repay your home loan, if you are in your late 20s or early 30s.

Though you are over 45 years of age, there are banks which would offer you a home loan. You would have to repay this home loan in a short tenure. But yes…you would get a home loan, if certain other factors are on your side. Let us take a look at these factors.

Tips to apply for a home loan after 45 

Your Income

If you work for a reputed Company and have a stable job and high income, you are eligible for a higher amount of home loan. Banks might sanction your home loan easily, even if you are 45. Banks are confident that you have the money to repay the home loan in a lesser tenure.

Simple…Earn a good income and get a home loan.

Be prepared to pay a high EMI

You are availing a home loan at 45. You do not have much time to repay the home loan. You need to be prepared to pay a higher EMI on your home loan. Banks charge you a higher EMI, if the tenure of your home loan is less. You need to have a good income to avail a home loan at this age.

Do you have any other loans?

You have availed a personal loan and a car loan and are struggling to pay your EMI’s on these loans. You also have credit card dues.

Applying for a home loan at 45? You can forget about it. Your home loan will never be sanctioned. You must first repay all other loans, before you apply for a home loan. Also maintain a good Cibil score of 750 and above, before applying for a home loan.

Avail a joint home loan with a spouse

You can avail of a joint home loan with your spouse if you are 45 years. Your spouse is the co-borrower of the home loan. If your spouse is younger than you and earns a good income, your home loan will be easily sanctioned. If you apply for a home loan jointly with your spouse, you will also get a higher amount of  home loan, if she earns a good income.

So don’t lose heart if you are over 45. You can still avail a home loan and buy your dream house.

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