Are there age restrictions in the eligibility criteria for a loan against property?

Financial institutions usually have a certain age criterion for loans against property approval. The minimum age is typically 21 or 23 years. This is because loan providers want to ensure the borrower has adequate income stability and repayment capacity before providing a long tenure loan.

The maximum age limit is usually around 60-65 years at the time of loan maturity. This is because loan providers want to ensure the property can be repossessed and sold within the borrower's lifetime if repayment issues arise. Some financial institutions may provide relaxations on the upper age limit for existing customers with a good repayment track record.

Overall, the age criteria help loan providers mitigate risk and ensure the borrower has the income potential and longevity to repay the long-tenure loan against property. Meeting their age bracket norms for a loan against property improves the chances of approval. It is advisable to check with your loan provider for