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The Best Home Loans In India For Different Age Groups
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People can decide to buy their dream home at any age. But housing finance companies do not take such simplistic outlook. Age remains a crucial home loan eligibility criterion. Borrowers can have a different perspective on housing finance with the changing age. But, options available for different borrowers will vary in today’s day and age. So, it is vital to make smart choices while availing a housing finance at a different age. So, here are some strategies for different age groups to avail the best home loan in India.
45+ age group:
The retirement age for most organizations is around 60 years. But, it does not imply that all people work up to 60 years. So, if you are in 45+ age groups, home loans may not be easier. But, several lenders provide a house loan to borrowers who demonstrate repayment ability effectively. So, here are the strategies to avail a home loan.
• The number of options can be limited. So, you will need to research and select a right housing finance company in India
• You cannot avail a home loan at 20% down payment. In order to repay your loan within shorter tenure, you will need to contribute a larger sum as a down payment
• A joint housing loan is a better choice to lower the risk. You can also select the step down repayment plan if you have an adult son or daughter as a co-applicant
30 to 45 age group:
A lot of people avail a house loan in their 30s. With approximately 25+ working years, it is possible to avail the best home loan in India with smart strategies. But, do not let your credit history lower your chances. So, here are few ideas to get the best one.
• Housing loan will depend on credibility. So credit history and credit score is vital. But, you may need to consult with a credit repair expert to improve your credit score
• Keep your house loan tenure lower than your working years
• You may need to prepare for a longer time to avail a loan since you may need to lower debt to income ratio. Prepayment of loans is not easy when you are saving up for a down payment. But, you will need to be vigilant about credit
• Lower the risk by opting for a loan with your spouse
20 to 30 age group:
This is an ideal age to seek a housing finance in India since you can avail the longest possible home loan tenure. But, it does not imply that this age group does not have challenges. Do you have a sufficient credit history? Is your source of income stable enough? Several questions will pose a challenge to your dream home. But, here are strategies to handle them well.
• Your professional history matters. You will need to have a secure source of income or a co-applicant with a secure income, for example, siblings or parents
• Most housing finance companies in India ask for income tax returns for last 3 years. So, you need to prepare necessary documents in advance
• Job hopping or city hopping may not help your case. So, a stable job for few years is a good place to start
• Create a credit history by using a credit card responsibly. Do not default on the credit card bill payments
These details will set you up as a great candidate for a home loan in different age groups. All the best for your dream home!
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