2007-01-30 01:21:49 · 3 answers · asked by padminiramesh@yahoo.com 3 in Business & Finance ➔ Renting & Real Estate
Because chances are they will die before they can pay off the house and the bank will be stuck with it. They are not a real estate business and they don't want houses. They want to make money.
2007-01-30 01:29:48 · answer #1 · answered by Tanya Pants 3 · 0⤊ 0⤋
They might sanction housing loan if you can pledge some instruments like RBI bonds, shares etc. with them. However, if you can show a regular income from pension, interest etc. many private banks are willing to give you short term loans, say for a period of 5 years maximum when you are between 60-65 years of age. However for their own interest no bank will grant a housing loan to one who is 80 years old and he shouldn't ask for one too. If he couldn't get himself a house till this age he should wait a little more for heavenly abode which anyway will come for free and soon.
2007-01-30 01:39:37 · answer #2 · answered by turbo 1 · 0⤊ 0⤋
It is illegal in the USA to turn them down unless they do not qualify. It is discrimination. So if they are being turned down they probably do not qualify.
2007-01-30 03:57:26 · answer #3 · answered by Anonymous · 0⤊ 1⤋