Some financial institutions have banking practices which don’t allow home loans for mature borrowers. If you are 40, banks may sanction you a loan but cut down the borrowing tenure so that your home loan is paid back before your retiring age which is around 60 to 65 years. For those who have crossed the half century mark, there are no fixed rules or guidelines by banks to give out home loans.
So it certainly becomes difficult to get a home loan if you are middle-aged and to make it possible, you have to produce a lot of documentation and have a smart exit strategy to get an approval on your desired home loan. [Read more…]