How To Decide The Right Age To Buy A HomeApril 6, 2018
The age of an individual plays an important role while applying for a home loan as banks look at an ideal age in which the investment is successful. According to them, if the prospective applicant is nearing retirement, he will be considered not eligible for a long-term loan as he may not be able to service the loan for an extended period of time.
Home loan eligibility according to age
According to banks, an individual in his 30s will have another 30 years of active professional life ahead. And so, it makes them eligible for a long tenure home loan as they have abundant time to make the loan a good investment. A professional even in his 40s is also believed to make a successful investment as he has 20 years of income-generating time in him.
What is the ideal age for buying a home for personal use
When owning a house for personal use, the ideal age of home ownership is not considered as a home purchase can happen at any time based on several factors. For young buyers making an early investment will turn out to be of profit in the long run and for buyers after 60, it makes a choice for a retirement home.
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