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WHEN is the cut-off age for a home loan? One of the large banks advises.
A Fin24 user writes:
I am 57 – can I still get a home loan over a period of 20 to 30 years? Does that mean I will have to work until I am 77 or 87?
Saks Ntombela, head of product at Absa Retail Bank, responds:
As a responsible lender, Absa looks at the customer's ability to afford the repayments over the specified term of the loan. However, the loan duration should not exceed the difference between the current age and 65.
In such cases, Absa will consider other sources of income and a high deposit or surety from another party.
Last year, an older Fin24 reader wanted to know why he couldn't get a personal loan. Read the full article here.
- Fin24
A Fin24 user writes:
I am 57 – can I still get a home loan over a period of 20 to 30 years? Does that mean I will have to work until I am 77 or 87?
Saks Ntombela, head of product at Absa Retail Bank, responds:
As a responsible lender, Absa looks at the customer's ability to afford the repayments over the specified term of the loan. However, the loan duration should not exceed the difference between the current age and 65.
In such cases, Absa will consider other sources of income and a high deposit or surety from another party.
Last year, an older Fin24 reader wanted to know why he couldn't get a personal loan. Read the full article here.
- Fin24
