Want a home loan and you are above 40? Keep these 5 things in mind, you will get approval quickly… Paying EMI will be a cakewalk.

There are many people who get late in buying a house due to some circumstances and buy a house by taking a home loan around the age of 40. At the age of 40, there is a burden of many responsibilities on the head. In such a situation, home loan also becomes a big responsibility. Then it seems very difficult to repay it by paying EMI every month. If you are also one of those people who want to take a home loan to buy a house in their 40s, then you have to plan it properly, so that you get the loan easily and paying its EMI also seems like a cakewalk.

While buying a house, you get 80 to 90% of the property price as a loan. The rest you have to pay as down payment. But if you are buying a house at the stage of 40, then keep the burden of home loan low. For this, you make a big down payment. This will not only reduce the EMI but also the interest component. However, do not force yourself to make a large down payment. Do not use the funds kept aside for medical and other emergencies for down payment.

Generally, banks provide home loans for a maximum period of 30 years. But if you are 40 years or more in age, then keeping in mind your retirement age, banks will not offer you a 30-year term. But if your credit score is good and you have a secure job, then you can convince the lender to extend the loan repayment period till after retirement. In such a situation, try to take the maximum loan period you can. This will reduce the burden of EMI. You will be able to pay it easily while fulfilling all your responsibilities.

If you and your life partner both earn, then you can choose the option of joint home loan along with them. This will increase the eligibility for the loan amount. Your EMI burden will also be reduced. By making your wife a co-applicant, the interest rate will be somewhat less and you can save more tax on joint home loan.

Try to end the repayment period of your home loan by your retirement, it will be better for you. For this, you can make lump sum repayment from the lump sum amount received from bonus, gratuity or any inherited capital etc. If you get a lump sum money from somewhere, you can make lump sum repayment from it. But avoid using retirement corpus for home loan.

Nowadays there are many home loan providers. Do proper research to choose which one is better for you. To choose a better lender, you should not only look at the interest rate, but should consider many parameters. You should also assess the reputation and credibility of the lender, its ability to advise you in choosing the right home, flexibility of repayment, etc. Apart from this, choose a lender who minimises the formalities and paperwork.