financial intitutions

**jick.cejoco** · December 29th, 2012 01:48 PM

i was told by one of the loan officers of bdo that anybody applying for a home loan or business loan must be below 55 years old to avail of a loan. is there truth behind this? and are there any banks/financial institutions which would defy this statement from the bdo loan representative? thanks for your responses.

**niky** · December 29th, 2012 02:34 PM

From what I recall, it's around 60 or thereabouts where you can't, but I don't know if that's all banks.

**uls** · December 29th, 2012 05:50 PM

that's called close-to-retirement loan

banks arent really excited lending to older people

like why would a bank give a 30 yr housing loan to a 55 year old? will the borrower still be around in 30 years? will the borrower after he retires have enough income to pay for a 30 year mortgage?

if the term is shortened to 20 years or 15 years (which makes the borrower more likely to be around), question is still if the borrower has the income to pay the higher monthly amortization

show the bank proof of income maybe they'll reconsider

if the borrower has a business with steady cashflow malaki chance ma-approve yung loan

**stickers** · December 29th, 2012 07:15 PM

Originally Posted by jick.cejoco

i was told by one of the loan officers of bdo that anybody applying for a home loan or business loan must be below 55 years old to avail of a loan. is there truth behind this? and are there any banks/financial institutions which would defy this statement from the bdo loan representative? thanks for your responses.

boss, ang reason kasi dyan is insurability ng magloloan.. at 55 i think they can still have 10 year loan term. so at 55 they can still get a life insurance for the said loan. but as people grow old so is the risk or probability of dying. yun ang iniiwasan ni insurance at ni bank.

**Uncle Nick** · December 30th, 2012 10:02 AM

Banks make in-house rules to suit their individual aversion to risk. This has been very well explained in previous replies, above.

The only all-encompassing rules are those put forward by government regulated bodies such as bank deposit insurance schemes.

Most people in "developing countries" who fall into this situation arrange for a loan through a third party such as a son or daughter........but the loan has to be secure in the first place.

Shop around with different banks on-line and read their "rules", that is the easy way.

Ciao!

Uncle Nick.

**vinj** · December 30th, 2012 01:58 PM

The general rule of thumb is that the owner of the loan should not be more than 65 years of age when the loan matures. It's part of the risk assessment of the bank.

Some ways around it:
- Long established relations with the bank (usually those with families and businesses that have been dealing with the bank for a long time). You can get Senior Management to support you and give the approval.
- You have a co-borrower who will qualify to support the loan for the said term you are applying for.

**kagalingan** · August 10th, 2019 12:45 PM

ito yung mga pumalit sa networking na brasohan mag-alok. Covered ka nga kaso dusa ka pa din.

Yung gastos mo sa hospital hindi cure. Killing me softly na pinipiga bulsa mo.

Jomar Tuble
4 oras ·

Yes, you're still young and healthy. Depending on your lifestyle, you may not be diagnosed of a critical illness until your retirement age.

But what if? And why wait? Why not get adequately covered NOW while insurance is cheap? Let's change the mindset that insurance is an expense.

Let's face it, setting aside a small amount early will save you from the REAL expense when it comes. The question is can you afford to get sick?

Message me for a free consultation.

**ray_noel** · August 10th, 2019 03:09 PM

Originally Posted by kagalingan

ito yung mga pumalit sa networking na brasohan mag-alok. Covered ka nga kaso dusa ka pa din.

Yung gastos mo sa hospital hindi cure. Killing me softly na pinipiga bulsa mo.

Jomar Tuble
4 oras ·

Yes, you're still young and healthy. Depending on your lifestyle, you may not be diagnosed of a critical illness until your retirement age.

But what if? And why wait? Why not get adequately covered NOW while insurance is cheap? Let's change the mindset that insurance is an expense.

Let's face it, setting aside a small amount early will save you from the REAL expense when it comes. The question is can you afford to get sick?

Message me for a free consultation.

Kags, huwag naman ganun... manulife member here... still 6 years to pay...

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