Retired loans up to 80 years and overOn January 23, 2020 by admin
Loans retired up to 80 years of age are, as you can understand from the name, loans that can be requested by all those who need money on loans and who have a pension they can count on. The peculiarity of this loan is the age of the applicant: more than 75 “canonical” years which are usually taken into consideration.
Can I have loans for retirees over 80?
In principle, banks and financial institutions prefer to close any loan by the age of 75. Sometimes, however, the maximum age can be extended up to 80 years, with some direct consequences for the loan, however.
First, the interest rate is higher than classic loans for retirees up to 75 years old.
This is because the more the applicant goes with age and the higher the risks of death, which the financial must necessarily take into account.
In most cases, it is also essential to present a medical document attesting to the good health of the applicant, so as to dispel any possible doubt from the credit agency.
The subscription of a loan insurance, a coverage that benefits both the financial agency and the relatives of the debtor, becomes even more important: in the event that the latter dies when the loan has not yet been paid, the insurance coverage deals with the total repayment of the residual loan, thus avoiding that this task falls on the heirs.
How to repay these loans?
The repayment takes place, as usual for this type of financing, by payment of an installment equal to 1/5 maximum of your net pension. Consequently, based on the maximum amount that can be repaid each month and the maximum repayment term of the loans, which is 120 months, the highest amount that can be received is calculated.
For further information, we invite you to look at our page on the transfer of the fifth and on how to request it.
Retired loans up to 80 years, who can apply for them?
Retired loans up to 80 years can be requested by all those who have an INPS retirement pension (or ex-INPDAP, as in the case of loans for retired carabinieri). Here we also talk about INPS retired loans, to indicate loans granted at preferential conditions compared to those that can be obtained commonly.
As for the purpose, or the final destination to be given to the money obtained on loan, there is no limit: the loan can be used for themselves, for a son, a grandson …
We have dealt with these loans in detail for older people over 80, confirming that, on some occasions, they can be obtained.
What is certain is that the older you get, the less chance there is of obtaining credit, this is a fact, to which we must also add the actual final cost of these loans, higher than usual.
However, if we consider the increase in the average age of Italians and the improvement of living conditions, which lead more easily to reaching the eighties, but also 85 years, if not 90 or 95, this is what is to be expected also that financial companies and banks will be increasingly open to those over 80.