HOUSING AND LIVES

HOUSING AND LIVES

"LIVE, LAUGH AND SPREAD HAPPINESS"

           

Hey all!  sometimes somewhere we really feel like to have our dream home and we manage to make some special efforts to build one, because we all know that house is not just a place where we live but it is actually a place we experience all the good and some of bad memories of our life with our loved once and we actually make a simple house a "home" where we live and can laugh without any boundation. But it is not sufficient for us to be happy with dreams only , there is a big need to make them true and to live those dreams too, and now this is not a big deal to make those dreams true, because now the line " there is will, where is a way" is going to be proved with some special home loans availability for every age of groups.

HOME LOANS FOR EVERY AGE GROUPS -: 

Age is an important consideration for applicants of home loans. many are unsure about wheather they would be able to bear the liability of paying it back due to various constraints, like an EMI that is too high? or a tenure that is too short however, banks now offer various options to applicant of different ages that make payment easy.

Below are a few important pointers to keep in mind while applying for a home loan, and strategies to manage it, for each of the three age groups.

45 TO RETIREMENT -

60 is the age of retirement at most companies. It is also the age limit to repay your home loan, at this stage your prime concern would be the tenure (time taken to repay the entire loan amount, including the interest).

·        RESEARCH, RESEARCH AND RESEARCH -:  ·        While this is important for an applicant of any age group, it is more so for a late home loan seeker. Even a seemingly small differential of 50 bps (basic point) can make a big difference. You would also benefit from being a client of a bank that is known to offer a high level of personal service.

·        THE LONG THE TENURE, THE BETTER FOR YOU -: ·        If you are 45 year old, it means you already have only 15 years to repay the loan. The lower the tenure period, the higher the EMI amount.

·        KEEP YOUR DOWN-PAYMENTS AMOUNT HIGH -: ·        At a mature age, it is assumed that you would have significant savings that can be used to being down your browsing. Compare the interest you earn on your existing investments, to the interest on your home loans, also taking into account the tax benefits you receive from your home loan.

·        JOINT LOANS ARE A GOOD BET -:  ·        A joint loan brings down the liabilities of your high EMI and also helps to increase the tax benefits of the entire family.

30 TO 45 -:

While borrowers in this age bracket do not have the problem of short repayment tenure, or an unstable financial position, they also need to be cautious about few things -

·        BE PRUDENT WITH CREDIT -: ·        your credit is the first thing that banks will scrutinize when you apply for a home loan, it illustrates your spending and a savings habits. Check credit scare on cibil before you decide to apply for a home loan, and having a good balance of secured and unsecured loans.

·        SHARE YOUR LIABILITY -: ·        -: A joint home loan account is a good option at this age, as not many would be financially secure enough to be all to pay the entire EMI amount. Banks accept two types of joint home loans, between spouses and a son and his parents.
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20s -:

The number of home loan seekers in this age group is increasing so fast as salaries are much higher than they used to be and owing to the number of young businessmen and entrepreneurs in the country.

·        ARE YOU OLD ENAUGH? ·        Most banks require you to be at least 21 to be eligible for a home loan; a few need you to be a little older, like axis bank and Tata capital.

·        STABILITY -: ·        -: If you apply for a home loan at a very young age, banks will look into your professional history very closely. conditions for eligibility do vary slightly among banks, but most of them expect you have spent at least a couple of years at your current job if you have moved cities very often, it is not taken as a good sign by most banks.

No age is too young or old for you to be granted a home loan now, taking you one step closer to owning your dream home!

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