Retirement Age of Property

Budget

It might surprise you that the loan on a property depends on its residual value. You must be aware of the fact that lenders and financial institutions usually demand for an asset to be mortgaged if one wants to avail a loan facility. In case of home loan, situation is little different because the mortgaged asset is house itself which comes handy for a lender when a person who has availed loan fails to repay the loan but the tenure of the home loan can’t be more than the residual value of the property which varies from location to location, quality of construction material and is generally determined by a civil engineer or an architect. It is mainly applicable because in case of default, the lender has only one resort to liquidate the investment of the person who availed the loan and get its liquid cash back. The residual value of the property is important because the risk of losing the security can never be ruled out as it can either be destroyed or collapsed. Thus, the residual value of the property counts. 

People get home loans on the basis of their income. The final loan amount eligibility will depend on the retirement age and your actual age. Those who are salaried individuals, 60 years are considered as the retirement age. Therefore, the maximum home loan tenure is equal to your left years of service. There is no perfect age to buy own house. Everyone dreams of having their own well-built house where they can spend their lives.

It might surprise you that the loan on a property depends on its residual value. You must be aware of the fact that lenders and financial institutions usually demand an asset to be mortgaged if one wants to avail a loan facility. In case of a home loan, situation is little different because the mortgaged asset is house itself which comes handy for a lender when a person who has availed loan fails to repay the loan but the tenure of the home loan can’t be more than the residual value of the property which varies from location to location, quality of construction material and is generally determined by a civil engineer or an architect. It is mainly applicable because, in case of default, the lender has only one resort to liquidate the investment of the person who availed the loan and get its liquid cash back. The residual value of the property is important because the risk of losing security can never be ruled out as it can either be destroyed or collapsed. Thus, the residual value of the property counts. 

The buildings also have a retirement age. Therefore, it is important to identify your home loan eligibility. The lenders do not provide a home loan for the time period which is longer than the properties life you wish to buy. However, a civil engineer or an architect determines the quality and remaining life of a property who will conduct the surveys accordingly. The age factors for a building include material uses, location, type of the property etc. the properties situated near around seas have more value than those situated near the plains. You can have your own home now!