Increase Home Loan Eligibility In Higher Age Bracket With Easy Steps
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Increase home loan eligibility in higher age bracket with Easy Steps

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Investing in a home/house is an expensive affair, but a dream many esteem. However, realising this dream has become easier in the last 10-15 years due to the aggressive home loan schemes and open-minded financing options available. Income tax incentives also act as a channel and come in handy while repaying home loan EMIs.

Always check major factors who playing key roles when you apply home loan


Age is one of the most important factors for the consideration of a loan application. Typically, financial institutions try to restrict the home loan tenure to a person's retirement age.

Therefore, younger people can get a loan with a tenure of 20 to 25 years easily, while older people (45 years and above) find it difficult to get a longer term loan.

Source of income

Source of income, stability of income and quality of income are important factors that decide the outcome of a loan application.

Even among salaried employees, the financial institutions consider certain sectors as stable and less risky, and therefore the loan eligibility of people working in these stable sectors will be higher as against those working in other sectors.

Other running loans

Other running loans impact eligibility unfavorably because an existing loan repayment is considered a drain on the repaying capacity to service a new EMI. Those planning to avail a home loan should consider closing other smaller loans such as soft loans, credit card loans, car loan etc in order to increase their home loan eligibility.

On the other hand, if the repayment history is good on other loans, it becomes a positive factor while considering the home loan application.


Adding a co-borrower for the loan adds to the eligibility, especially in cases where the borrower is of a higher age or where the quantum of loan is high. Usually, banks have a higher cut-off limit for age in case there is a co borrower for the loan. Hence, there is a good chance of getting a longer tenure loan.