Age Limit for Home Loan -Banner_WC
What is the Maximum Age Limit for Home Loan?_WC
Age is a key criterion that lenders assess when considering a profile. This is because your tenor cannot extend beyond your working years, ensuring steady repayment ability throughout the duration of the loan. Applicants should consider the age limit before applying for a Home Loan.
With Bajaj Housing Finance, the maximum age limit for Home Loan for salaried applicants is 23 to 62 years. Further, the Home Loan age limit for self-employed applicants is 25 to 70 years. Here, the upper age limit is considered as age at the time of loan maturity.
Apart from age, lenders also consider a number of other Home Loan eligibility criteria, including income, obligations, and credit score, among others. Age remains a key criterion as your Home Loan tenor is affects the tenor offered to you.
Lenders set Home Loan age eligibility to define till what age can a person repay the loan, with interest, in entirety. The upper age limit is set at the age when typically individuals would retire from the work force.
Let’s consider two examples to better understand this correlation.
- Applicant A is salaried and 45 years old
- Applicant B is salaried and 35 years old
Note that the upper age limit for salaried applicants applying for a Bajaj Housing Finance Home Loan is 62 years.
While Bajaj Housing Finance offers a maximum repayment tenor of 30 years, the maximum tenor offered to Applicant A and B will be:
Early 20s is the time when you have just graduated from your college and have ideally secured a decent job at a company. By the time you start having a stable income over a consistent duration, you must have already entered the mid-20s. If you apply for a Home Loan around this time, you are in a better position to pay your EMIs at least for the first few years considering you won’t be having other priorities in life. The minimum Home Loan age limit at Bajaj Housing Finance is 23 years for salaried individuals and 25 years for self-employed. With a flexible tenor of 30 years and a maximum housing loan age limit of 62 years for salaried individuals and 70 years for self-employed, you get maximum time to pay off your EMIs slowly and steadily. As you start earning more, you can make partial payments alongside your regular EMI payments to save on your interest outgo and reduce your tenor.