Know The Required Documents for Senior Citizens To Get Home Loan

Purchasing a home after retirement needs careful planning and execution. Generally, working professionals get a home loan easily as compared to a retired individual since senior citizens may not have a steady source of income. But this does not, however, mean that getting a loan is impossible. If you need financial support, there are many home loan options that you can benefit from.

Let’s take a look at the necessary details such as the documents required for home loans and the various types of loans that you can avail as a senior citizen.

What Are The Types of Loans That A Senior Citizen Can Get?

  • Home Loan- A regular home loan is available against property, collateral or insurance. However, the amount a senior citizen will be offered will be lower than the amount for younger people.
  • Joint Home Loan– If a senior citizen applies for a loan in conjecture with a working individual, then the loan gets approved quickly. If the person applies for a loan with their children or spouse, they get an increased amount of loan along with the benefits of the tax.
  • Reverse Home Loan- This becomes a secondary source of income for the senior citizens who have their own home. An amount is decided against the mortgage value of the property. The close relatives can pay this amount after the death of the borrower.


Now that you know about the documents required for home loans, let’s take a look at some helpful tips.

What are The Tips for Applying for a Senior Citizen Home Loan?

  • Secured Loan: An asset backs a secured loan. If you fail to repay the loan, the asset will be used to refund the amount that has been missed.
  • Lower Loan-to-Value Ratio: If you apply for a loan which has a much lower amount than the actual value of the property, then the loan gets approved quickly.
  • Know the Monthly EMI: Whenever you apply for a loan, calculate the EMI so that you can pay back the amount using your pension payments.

What Is TheHome Loan Eligibility Criteria?

  • The borrower must repay the loan by the time he/she is 75 years old.
  • If the person is retired, then he/she must receive a pension.
  • The amount of EMI must not exceed 40% of the monthly pension.

What Are TheDocuments Required For Home Loans For A Senior Citizen?

  • Passport-size photograph
  • Property documents
  • Identity proof like Aadhaar card, driving licence, etc.
  • Business address proof and three years of income tax returns if the applicant does not receive a salary.
  • Bank account statements for all bank accounts of the past six months.
  • Loan statement of 1 year if the applicant is paying any loan.
  • Copy of income tax returns of 3 months for the guarantor.
  • Salary slips of 3 months of the guarantor like a spouse, child, etc.



Taking a loan after retirement requires diligent planning and an understanding of the home loan eligibility criteria. With financial institutions like PNB Housing Finance Ltd., it is easy for senior citizens to avail a home loan.

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