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How to Ascertain My Home Loan Tenure Eligibility?

Adhil Shetty
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Q: How to ascertain my home loan tenure eligibility? – Abhishek

A: While applying for a home loan, it’s important to ascertain your loan eligibility beforehand. You may be eligible to get a loan, but it’s important to know the expected loan amount and the maximum tenure you are qualified for before you apply for a loan.

You can use any online loan amount and tenure eligibility calculator to figure out the details. Loan tenure usually depends on your age. Most banks allow loan repayment up to the age of 60 years. It means if you are applying for a loan at the age of 30 years, you may get one with the maximum tenure of (60-30) 30 years. Similarly, it will be 20 years if you’re applying for a loan at the age of 40 years.

In a fixed rate loan, the banks usually allow tenure up to 10 years, whereas, in a floating rate system, the tenure goes up to 30 years.

That being said, adding a co-borrower can help you to get a home loan for a longer repayment period.

Have a question on personal finance? Ping me on Twitter at @adhilshetty with the hashtag #AskAdhil.