One of the most important decisions in your life is buying a retirement home. To make a thoughtful and informed decision in this regard, you must consider several factors. If you are buying real estate for senior citizens, here are some questions worth asking: Question 1: Who can buy real estate for senior citizens? Usually, there is an age limit on who can buy real estate that is only meant for senior citizens. At Columbia Pacific Communities, the eligible age for buying a retirement home is 55. Question 2: Are there any loans available for real estate for senior citizens? Yes, there are loans available for senior citizens in India who are planning to buy retirement homes. Some banks and financial institutions offer special home loans for senior citizens. These loans may have lower interest rates and more flexible terms than other types of home loans. Question 3: What is the tenure of home loan for real estate for senior citizens> The maximum tenure for repayment of a home loan by a senior citizen varies from one bank to another. Some banks offer home loans to senior citizens, with the condition that the maximum age at the end of loan tenure should be 70 years. You can use our EMI calculator to calculate the estimated EMIs. Question 4: What are some of the common real estate projects for seniors?  There are different types of real estate projects that are specifically designed for senior citizens. Make sure that you understand your needs and accordingly make a purchase. Some of the common real estate projects for  senior citizens include: Independent living communities: These facilities are intended for those who are able to live independently and need no personal assistance. Independent living communities have a wide range of amenities such as fitness centres, swimming pools, and recreational activities. Assisted living facilities: These facilities provide a wide range of services to seniors, including help with personal care such as bathing, dressing, and medication management. Assisted living facilities may also offer social and recreational activities. Nursing homes: These facilities provide 24-hour medical care and support to those who are unable to live independently. Nursing homes may offer a wide range of medical services, such as rehabilitation and hospice care. Question 5: What are the additional costs of living in a retirement home?  It is common for retirement homes to provide additional services such as daily meals, laundry, housekeeping, and concierge services. They may also offer  recreational activities such as movie screenings,  cultural events, and workshops. You will have to pay a monthly charge for the services available.  Ask about the monthly charges and what all it would cover. Question 6: What are the property taxes and other fees? Property taxes for retirement homes can vary depending on various factors such as the location and the type of property. In general, property taxes are calculated on the value of the property and are typically levied by the local municipality or government. Before buying a retirement home, check with the local government or municipality in the area to understand more on property taxes. Also, many retirement communities include property tax in their rent or maintenance fee. You can check with a tax expert to know more about the tax rules and regulations in India that may apply to retirement homes specifically. Read More : FAQs and their answers on real estate for senior citizens Looking for real estate for senior citizens? At our retirement homes in India, you will find a comfortable, secure, and active environment where you can enjoy your golden years with people of similar age and interests. To make your life comfortable and enjoyable, we have a variety of amenities such as: On-site dining facilities with a menu designed by experienced nutritionists Senior-friendly fitness facilities, including gym, indoor and outdoor games facilities, and jogging paths Housekeeping, maintenance, and laundry services Security measures such as presence of security personnel 24X7 and CCTV camera Panic button in each apartment Ambulances on standby and doctors available on call Call us at +91 8884555554 to know more about the amenities and services we offer at our retirement homes.

According to a report, India’s elderly population is growing at 3% annually and is estimated to reach around 319 million in 2050. As nuclear families are increasing, many senior citizens are considering living independently. Senior citizens who are planning to buy a retirement home, must consider different aspects to make an informed decision. As one of the leading senior living communities in India, we have curated a list of FAQs on real estate for senior citizens and their answers.    Question 1: Why are India’s senior citizens buying retirement homes?   Today’s retirement homes are a blend of senior-friendly housing, hospitality, and healthcare. Leading senior living communities in India like ours help seniors enjoy a peaceful and worry-free retirement. Our on-site maintenance team takes care of the maintenance of buildings, gardens, and activity centres, leaving our residents free to enjoy their retirement years the way they want. Our communities also provide seniors with a great communal space, consisting of a dining area, library, and activity centre, where they can meet and socialise.      Question 2: What are the advantages of living in senior citizen homes?   Some advantages of living in senior citizen homes are:    Senior-friendly housing: Apartments and villas are designed keeping in mind the changing needs of seniors. Our retirement homes have senior-friendly features such as anti-slip tiles in bathrooms and common areas such as jogging paths and swimming pools, grab-bars in the bathroom, and rubberised jogging paths. Also, there are panic buttons in each apartment.  Hospitality: One of the key benefits of moving into retirement homes like ours is that daily chores and maintenance work is taken care of by an experienced team of staff, leaving seniors to relax, rediscover their favourite hobbies, and take up some new ones.  Healthcare: The availability of healthcare infrastructure is an important factor to consider. Our retirement homes in India have 24X7 ambulances on standby and we have tied up with nearby hospitals to offer medical services at the time of need.  Active social calendar: Senior living communities offer their residents different opportunities to socialise with people of the same age group. Our monthly social calendar is filled with yoga sessions, music classes, movie screenings, and art workshops.    Seniors can be as involved or as laid back as they like – they have the freedom and privacy to live the way they choose to enjoy their retirement years.    Question 3: Can senior citizens get a house loan?   Yes, senior citizens can get a home loan. The eligibility criteria vary from one bank to another.    Question 4: What is the maximum repayment tenure for senior citizens?    For senior citizens, different banks have different tenures for repayment of a home loan. Usually, by the end of the loan tenure, the senior should not be above 70 years.    Question 5: How much do retirement homes in India cost?   The cost of retirement homes depends on various factors including the city, size of the apartment, and facilities offered.     Question 6: What is the monthly cost of living in a retirement home?    The monthly cost of living in a retirement home could range between Rs 15,000 and Rs 40,000, depending on the services offered.    Looking for real estate properties designed for senior citizens?  Explore our retirement homes in India where you can enjoy a comfortable, secure, and active retirement lifestyle amidst the company of people of similar age. Call us at +91 8884555554 to know more about the amenities and services we offer at our retirement homes.