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It is said that a house should be bought during your youth because at that time you have many career options. There are many growth opportunities and there is a good amount of time to repay the loan. But many times due to responsibilities, people get late in taking this decision and buy a house by taking a loan of around 40. If you too have turned 40 and want to take a home loan to buy your house, then you have to plan it properly. Know what things should be kept in mind while taking a home loan after 40.

According to the information given on HDFC's website, usually banks give home loans for a maximum of 30 years. But if your age is 40 years or more, then keeping in mind your retirement age, banks will not offer you 30 years. But if your credit score is good and you have a secure job, you can convince the lender to extend the loan repayment period till after retirement. In such a situation, try to take the maximum loan period you can. This will reduce the burden of EMI.

To reduce the burden of a home loan, make a large down payment. This will not only reduce the EMI but will also reduce the interest component. However, do not force yourself to make a large down payment. Do not use the funds kept aside for medical and other emergencies for a down payment.

If you and your life partner both earn, then you can choose the option of joint home loan along with them. This will increase the eligibility for the loan amount. Your EMI burden will also be reduced. By making your wife a co-applicant, the interest rate will be somewhat lower and you can save more tax on the joint home loan.

It is better for you if the repayment period of your home loan ends with your retirement. For this, you can make a lump sum repayment from bonus, gratuity or any inherited capital etc. If you get a lump sum from somewhere, you can make a lump sum repayment from that. But avoid using retirement corpus for home loan.

There are many home loan providers these days. Do proper research to choose which one is better for you. To choose a better lender, you should not only look at the interest rate, but also consider many parameters. You should also assess the reputation and credibility of the lender, the lender's ability to advise you to choose the right house, flexibility of repayment etc. Apart from this, choose a lender who does the minimum formalities and paperwork.