Outlook Money
Regular home loans are still available for senior citizens, but they may need to pay higher interest for a shorter term.
Home loans are also available for pensioners. For instance, banks may be willing to give loans to pensioners with pension accounts in the same bank.
Under this scheme, you do not have to repay the loan if you live in the same house. But you must return the loan when you sell it.
A good credit score means a good repayment history, which will enable you to secure a loan easily.
A loan-to-value (LTV) is the amount the bank is willing to pay against the property value. A lower LTV means lower equated monthly instalment (EMI), which allows seniors to repay the loan easily.
Compiled By Himani Verma