Buying a home remains ultimate goal of common man today. Not everybody will be a position to own a home by the age of retirement. Financial obligations like educational expenses of the children, wedding expenses and medical expenses may be a reason. Though banks will be reluctant to offer the loan at the age of 50, it is not impossible. You should never lose a hope on your ability to achieve dreams irrespective of age Here are some tips to fetch a dream home with the help of the loan even at the age of 50.
How to Take House Loan at the Age Of 50?
When you are looking to own a home at the age of 50 with the help of the housing loan, you should go ahead with affordable housing that addresses all the comforts rather than a large home that facilitates you a lavish living. When you go with an affordable home, the loan you take for the lender will be small so will be the chances of approval. You can pay the loan amount in easy instalments without any financial burden.
Tenure of the house loans ranges from 10 years to 30 years. The borrower can repay the loan till they reach the age of 70. If you are going for housing finance at the age of 50, make sure you take tenure of 20 years so that you can repay the loan by the time you attain 70 years. This benefit of 70 years are provided few customers, most of the banks don’t offer home loan beyond the age of retirement which is 60 years so, keep your loan tenure as short as ten years.
Large down payment
If you have strong urge to buy a home from the initial stages of time, you might have accumulated savings towards the same. Bring it into play and make large down payment for house loan to assure the lender about your repayment capability but, it is not advisable to empty retirement savings to afford down payment of house at this point of life.
Location of the property
Location and size of the home are the two important factors that decide the value of the home. If you have a big family and cannot compromise on the size of a house, compromise on the location you choose which makes a considerable difference in the price of property chosen. Think twice about a place in which wish to live but, never ignore the aspect of convenience while making a decision.
Is it the right time to buy a home?
Check your responsibilities in life before you take up the new responsibility. Make sure you have accomplished all the major goals in life before you go for a home loan at the age of 50.