A retired person may very well get a loan. Besides, according to the banks, these profiles are much more interesting. As there are different kinds of loans, it should be noted the type of loan available for these seniors. Generally it is the consumer credits that they can benefit from. The mortgage remains a little vague for their situation given that the duration of repayment of this credit is spread over several years. Below are some tips to note in order to have a credit after 60 years.
Simulate the senior loan
The credit simulation is highly recommended for all individuals who wish to borrow from the bank or financial organizations. The simulator is a tool for comparing credit offers and also a calculator that helps users know their monthly payment and the cost of borrowing. Do not hesitate to see this site to carry out this simulation and obtain a loan with an attractive rate. Aside from the advantage over the rate, also determine all the loan terms if these can suit your situation. The intervention of a credit broker is useful to ensure that the steps are completed as quickly as possible.
Respect the conditions of the loan for seniors
When the senior contracts a home loan, the repayment duration must not exceed 85 years. This therefore means that if the elderly borrows when he is 60 years old, the duration of the credit does not exceed 25 years. Aside from this condition, the senior must be able to pay 10% of the loan amount. This percentage is equivalent to administration fees, guarantees and transfer rights. Subscribing to borrower insurance is essential before validating your file with the bank. The law does not impose this criterion, but the latter always seeks to amplify the guarantees, hence the need for this form of insurance. Your file will not be validated if this is not resolved. You should also know that if you have medical problems at this age, insurance will not be your ally.
Regarding the personal loan, the conditions remain the same as those with active people. You must have enough income to cover your daily needs. He must also have a stable borrowing capacity to ensure the monthly payments. Moreover, the debt ratio must not exceed 33%. Beyond this ceiling, the bank does not grant the requested credit.
Prepare a convincing case
A convincing file is a file which proves to the bank that even being a senior, you have no difficulty in repaying your consumer loan on a due date. To do this, give your banker a stable income situation, a bank statement with no trace of overdraft, a guarantee if you have one, etc. Also demonstrate that your previous loans were honored on time and you did not have a problem during the repayment. A solid and complete file is validated quickly then, you have to gather all the documents requested by the bank.