6 Tips to Get The Best Home Loan After 45

It is a common perception that the best features of a home loan are always reserved for young borrowers. While it is not 100% correct, it is not incorrect either. When a young borrower avails of a home loan, they have many years for repayment. This brings down the interest rate and increases their loan eligibility. However, the faster you reach the maximum age for a home loan application, the fewer the years for repayment become. So, lenders may increase the interest rates to reduce their risks. But, if you know the trade tricks, you can still get a home loan with the best terms. Read this blog to discover the six best tips for getting the best home loan after 45. 

6 Tips to Get The Best Home Loan After 45

Here is what you can do to expedite your loan approval with the best current housing loan interest rate after 45:

1. Include a Co-Applicant

A co-applicant, if younger, can give your loan application the right boost. When you apply for a joint loan with a partner having a stable income and a solid credit profile, lenders consider your application more impactful. If you become the primary applicant, you might not see many changes in the loan terms. But, if you make the younger applicant primary, the lender might walk an extra mile to make you happy with easy eligibility and best interest rates. You may check an online home loan calculator to observe the differences.

2. Aspire For a High Credit Score

A credit score above 750 may give your profile an unparalleled boost. In addition, a high credit score above the age of 45 indicates that you have been very disciplined with loan EMIs and credit card dues. And, since you have taken debt seriously, the lender will most likely trust you.

Do not worry if your credit score is below 750. Some lenders approve home loans to borrowers with a credit score of 750 or less. But, the interest rate might be a little higher than the current housing loan interest rate. You can also take steps like repaying loan EMI and clearing card dues on time, limiting your loan or card application, etc., to increase your credit score before applying for a home loan.

3. Decrease the Loan Amount

Generally, any Indian borrower can apply for a loan of up to 90% of the new home’s market value. However, since you have to repay quickly, try not to apply for the maximum limit. When you apply for a loan amount of 90% after 45, lenders might view your application with suspicion. Hence, it is wise to reduce the loan amount to bring down the EMI amount. A low EMI amount will never burden your finances, assuring the lender of timely repayments. You may use an online home loan calculator to check the EMI amount before applying for a loan.

4. Increase the Loan Amount

Indian borrowers can generally repay a home loan up to 65. So, if you want to increase the chances of home loan approval, apply for the longest loan term. But, if you reduce the loan term, the EMI amount will increase, making it difficult to repay over an extended term. An online home loan calculator helps you calculate the EMI and make an informed decision.

5. Keep The Documents in Shape

While applying for a home loan, you need to submit various documents, including identity, age, and address proof, along with bank statement, income tax receipt, income proof, property papers, and processing fee cheque. If any document is missing, the lender may summarily reject your loan application, and you may have to apply afresh. Hence, keep your documents to expedite the loan application process.

6. Scour For The Best Lender

The best lender offers the best housing loan interest rate and other features like doorstep service, low processing fee, etc. The current housing loan interest rate starts from 6.99%* and goes up to 8.90%*. Moreover, you can apply both online and offline.


The six tips mentioned above will help you identify the best loan and apply for it. Ensure to check the lender’s credentials before signing the loan papers.

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