{"id":6336,"date":"2023-08-28T14:33:18","date_gmt":"2023-08-28T14:33:18","guid":{"rendered":"\/blog\/?p=6336"},"modified":"2025-01-16T14:26:42","modified_gmt":"2025-01-16T08:56:42","slug":"nearing-retirement-close-your-home-loan-as-early-as-possible","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/nearing-retirement-close-your-home-loan-as-early-as-possible\/","title":{"rendered":"Nearing Retirement? Close your Home Loan as early as Possible"},"content":{"rendered":"\n<p>Many young people are of view that since <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rates-and-charges.html\">home loan interest rates<\/a> are quite low, it makes sense to carry them on as per original schedule and not prepay. This view is further strengthened by the fact that government offers a lot of tax benefits for home loan borrowers and this in turn, reduces the effective borrowing rates further.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Know More<\/a><\/div>\n\n\n\n<p>This notion might work for someone who is young. But for those who are\nnearing retirement, it doesn\u2019t make much sense.<\/p>\n\n\n\n<p>There is no doubt that one should pay off all the loans much before\nretirement. Lenders too avoid lending to people of old age, as they cannot risk\nnon-repayment of the loan due to age related issues. So if someone is about 45\nyears old and wants to take a loan for 15-20 years, then it might not be easily\napproved.<\/p>\n\n\n\n<p>But it is also true that in later years, people\u2019s income is much more\nthan what it was in starting phase. So ability of a person to pay higher EMIs\nis no doubt much higher.<\/p>\n\n\n\n<p>So for example a 43-year-old person wants to take a <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\" title=\"Home Loan\">home loan<\/a> for 15 years and his EMI is Rs 37,000 and monthly income is Rs 2 lac. Then the lender will not hesitate in giving out that loan because the EMI-to-income ratio is not very high and the person can easily make additional payments to close the loan much earlier than scheduled 15-year tenure. <\/p>\n\n\n\n<p>This actually makes sense for the borrower too. First is obviously that a lot of money can be saved on interest costs. And secondly, it frees up the person from the burden of loan, much before retirement. This is the reason why experts suggest that as people near retirement, they should try to close the home as well as all other forms of loans.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Get Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Many young people are of view that since home loan rates are quite low, it makes sense to carry them on as per original schedule and not prepay.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/nearing-retirement-close-your-home-loan-as-early-as-possible\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":6337,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-6336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nearing Retirement? Close your Home Loan as early as Possible - TATA Capital Blog<\/title>\n<meta name=\"description\" content=\"Pay off your home loan early before retirement to reduce interest costs and avoid the risk of non-repayment due to age-related issues. Know more in detail at Tata Capital.\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nearing Retirement? Close your Home Loan as early as Possible - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Pay off your home loan early before retirement to reduce interest costs and avoid the risk of non-repayment due to age-related issues. Know more in detail at Tata Capital.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/nearing-retirement-close-your-home-loan-as-early-as-possible\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T14:33:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-16T08:56:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/01\/close-your-home-loan-as-early-as-possible.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"348\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/nearing-retirement-close-your-home-loan-as-early-as-possible\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/nearing-retirement-close-your-home-loan-as-early-as-possible\/\",\"name\":\"Nearing Retirement? 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