Are there any age restrictions for determining home loan eligibility?

Yes, most loan providers have age restrictions when determining home loan eligibility due to the long repayment durations involved.

Home loans generally have longer tenures, usually ranging from 10 to 30 years.

Due to these long repayment periods, the age of the applicant becomes a crucial eligibility criterion. Most loan providers require applicants to have a minimum age of 21 years at the time of loan application and 70 years at the time when the home loan matures or gets completed.

Lenders want to ensure your repayment capacity is maintained during the entire loan tenure until closure. Applicants closer to retirement may have insufficient income in their non-earning years to service the EMI.

Financial institutions prefer to provide home loans once applicants attain working age and have a stable credit profile. The maximum age limit aims to ensure loan closure before retirement.