Irrespective of age, having a home is a dream for many. Retired life is the point where most of the seniors start spending more time and energy at home and it is important to have a comforting place at that period of time. Senior living spaces like Primus are ideal for living during the senior years because they are designed in a way that meets and supports the key needs of seniors across all areas of concern through an elder-centric ecosystem.
However, you might have many post-retirement plans and you might not be left with much money handy to buy a new home. But it shouldn’t stop you from living in the luxury you deserve during your senior years. Although it is a little bit tricky to get a home loan for a senior citizen, it isn’t undoable. And, yes, if you are a pension receiving retiree who is capable of repaying the home loan by or before you are 75 years old, you are an ideal senior citizen candidate for a home loan.
Understanding Home Loans for Senior Citizens
Below are a few tips to improve your chances of acquiring a home loan as a senior citizen.
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Apply for a joint home loan or include a co-applicant
Adding a co-applicant increases your chances of getting the loan approved and enhances the eligibility amount and extends repayment tenor. The co-applicant can be your wife, children, or relatives and they should be an earning member with a steady income and high credit score.
- Good credit score
Maintaining a good credit score will help you in making the process easier. A person with a credit score of 750 or above is considered a financially stable person.
- Apply for a secured loan
A secured loan is a loan backed by an asset. This will make the process easier as secured loans are easier to get approved compared to unsecured loans as in case you miss any of the repayments, it will be paid from the assets.
- Know about your EMI affordability
Before applying for a home loan, calculate your EMIs using an EMI calculator to make sure your pension amount is enough to repay the EMIs.
- Choose a lower Loan-to-Value ratio
The Loan-to-Value ratio is the ratio of the sanctioned loan amount to the down payment for the house. Opting for a lower LTV ratio will increase loan eligibility and lessen your EMI burden. In short, your home loan is more likely to be sanctioned, if you apply for a much lower amount than the actual property price.
Eligibility criteria and conditions of banks might change according to each bank’s policy. However, these tips can make your loan approval journey a little bit effortless. And, just like that, you will be able to land up in the most desired senior living community in Bangalore, the Primus. It has everything you need and more! Explore the luxurious world of senior living now!
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