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Tata Capital > Blog > Documents Required for Senior Citizens or Pensioners to Get Home Loan

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Documents Required for Senior Citizens or Pensioners to Get Home Loan

Documents Required for Senior Citizens or Pensioners to Get Home Loan

Late in life, you may be spending a lot of your funds on medical expenses and post-retirement travel. However, if you have decided to upgrade your house after retirement and do not have cash on hand, you are not out of options for home loans. To find out about what documents you would need and what limitations apply, read on.

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What Types of Home Loans Can Senior Citizens Get?

To make it easier for senior citizens to avail a home loan, multiple types of loans are available for them:

  • Home Loan

This is a regular home loan that is available against your property or insurance policies. However, the amount offered to senior citizens may not be as high as for younger people.

  • Reverse Home Loan

An unusual kind of home loan, this is paid out monthly for the entire tenure of the loan, becoming a secondary source of income for pensioners. The amount is decided against the mortgage value of the property and it can be serviced by close relatives after the borrower’s death.

  • Joint Home Loan

Applying for a joint home loan increases the chances of a loan being approved because the income of both or all people applying for the loan is considered, so it is easier to get a loan even on a low pension.

What are Some Tips for Availing a Home Loan as a Senior Citizen?

  • Apply for a Secured Loan

When you apply for a secured loan, it is backed by an asset. In this case, even if you fail to repay the loan, the asset will be used to make up for missed payments.

  • Choose a Lower Loan-to-Value Ratio

If you take out a loan for a much lower amount than the actual value of the property, you will get a loan more easily.

  •  Calculate the Monthly EMI

Before applying, use an online EMI calculator to ensure that your pension payments will be enough to pay back your loan.

What are the Eligibility Criteria?

  • Loan recovery must be able to be completed by the time the borrower is 75 years old.
  • If retired, they must be receiving a pension.
  • The EMI amount should not exceed 40% of the monthly pension.

What Documents are Required?

  • Identity proof, like Aadhar card, driving license, etc.
  • Passport-size photograph
  • Property documents
  • Last 6 months of bank account statements for all bank accounts
  • Loan statement for 1 year if any previous loan is still being paid off
  • Salary slips of 3 months for the guarantor (spouse, child, etc.)
  • Copy of 3 months of income tax returns for the guarantor
  • Business address proof and 3 years of income tax returns for a non-salaried applicant.

With Tata Capital, loans for both senior citizens and younger people are easy to apply for. Tata Capital housing finance has the most flexible home loan eligibility criteria and repayment methods. The home loan interest rates start at a low 9.25%. It is never too late to own the house you have always wanted. Visit Tata Capital today.

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