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Do banks in India grant housing loans to retired folks ,who no longer receive a regular salary? |
Let's say that I am retired ,and have no other regular source of income other than a monthly return from my Mutual funds under a Systematic Withdrawal Plan ,and monthly interest from my Fixed Deposits. Can I hope to secure a Housing loan . Also ,which bank in your opinion offers the best options here. You have to prove your income to the bank, so that they know you can return the money. As far as security is concerned, new house will be mortgaged to the bank, till return of loan amount. u might be having life insurnce n other investments which u can keep as security wid bank ....u can try wid vijay bank ... Apart from income, which is mainly looked into, for repayment of loan, the age factor is also considered, to decide on the term of loan. Like how long is the period of loan, and when it is quite long, it is questioned a lot many times, considering the age of the customer (retired). |
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