personal-finance
Can senior citizens take a home loan?
Sep 21, 08:09

Banks and financial institutions are now offering home loans to senior citizens. This was a group that was ignored earlier. These include SBI, Bank of Baroda, LIC Housing Finance (LICHFL) etc. For instance, LICFL's Griha Varishtha home loan scheme is for retired and pensioners. Borrowers up to the age of 65 can take this loan. The loan tenure is until the senior citizen attains the age of 80 years or a maximum of up to 30 years, whichever is earlier. Ideally, the retired applies for a home loan only when moving to other city after retirement or constructing on a plot purchased earlier. However, it's always better though to have planned for a home while you are still employed and clear your debt by the time you retire.

home loan eligibility