What is the right age to buy a home? This Will Help You Decide!


What is the right age to buy a home? This Will Help You Decide!

The ideal way to buy a home is through applying for a home loan. As this approach totally relies on the age of the individual and the perfect age to purchase a house is as yet questionable. Let’s find the right age to own a property as well as for investments.

What is the right age to buy a home This Will Help You Decide

What are the things that hold you off from owning a property?

After gold, real estate is believed to make the best investment choice for Indians. Owning a property has become the ideal goal for most career starters newly married couples and people who are a few steps back from retirement. Be that as it may, what exactly is keeping these individuals away from owning their dream home?

  1. How do banks and lenders view these investors’ age to approve their loans? How does age become an important category to consider approving their home loans?
  2. In the meantime, can someone be too old which makes it fairly impossible to invest their money on the property and have probably missed doubling their wealth?
  3. Having said the banks are willing to offer home loans for long payment tenure, the thought of lending loans for those about-to-retire people sounds sensible?

Let’s narrow down these facts and discuss further on finding the conundrum

What is the eligibility for applying home loans based on age?

The eligibility based on age spares all the career starters as they would fall under 25 and might just be started to earn a feasible income. They’ve got plenty of time ahead of them while building their portfolio ready for investing in a brand new home. However, even these people hit 40, they are not too old for being successful in owning a property. Regardless they have good 20 years left making work-life viable enough to still investing in property. Moreover, the sooner you invest, the higher the gains would be as the value of the property becomes higher over time. By and large, to finance your property, the right age to avail a home loan is between 25 and 30.

Example: Mr Reghuwaran was 27 years old when he applied a home loan to buy a brand new 4 BHK unit in luxury villas in OMR. He was earning a fairly feasible income at the time he applied for the loan. The tenure spared him more than 20 years to repay the EMIs on time. At the age between 48 and 50, he paid his entire home loan amount without any delay in between. This is fairly a good example to say, the age 25 is the perfect time to avail a home loan to own a dream home

Back to basics: Investment strategy for individuals nearing retirement

It is no surprise people work past their retirement age of around 65 nowadays. However, this is the right age to test all your speculative investment strategies. Since at this age, an individual might have a well-secured property portfolio of valuable assets, these might actually act as collateral for newly availing home loans even at the age of 50. As these people are trusted to have a healthy financial portfolio, they could bounteously experiment speculation in the real estate sector. My grandfather who had an awesomely good financial portfolio for about 40 years of his work life, even he started earning his first income at the age of 27, he was a successful man. He had a strongly built financial folder that he invested in renting 2 BHK flats in OMR. This is because he already had enormously invested properties in hand and it actually had those for the security of his home loan.

At this age, the ideal line of attack should fall on increasing the value of one’s already bought assets, i.e. existing assets. This could be done by new renovations or updating your house to current trends like interiors, decoration and others. Individuals who are above 60 and still want to keep investing in properties in India, and then they must have a lucid understanding of the real estate market and the dare to have confidence on their personal finances.

The secret to the ideal age of buying a home to occupy

Having discussed the investing strategies, let’s jump into buying the dream home for one’s dwelling purposes. For homeownership, there isn’t any right or ideal age and it gets simpler here than the above-discussed theories.

One might have lived as a tenant half of his lifetime. Even at the age of 65, buying a house perfectly make sense. Firstly, after retirement, there is lack of restrictions on chronic expenses of monthly rents. Secondly, it can act as an asset to augment funds for emergencies when you are in great quandaries. Thirdly, a property is a wonderful legacy to leave behind for one’s family.

All things considered, there is an ideal age group for property investment doubtlessly. However, this age group is pliable based on various aspects. In fact, there is no “right age” to buy a home for self-use or ownership. One thing is true, that if one learns that a self-owned home as a humble abode and shelter of financial freedom and security or protection than as an investment, there comes no place for the age factor to own a home.


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