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Home Loan Blogs

How to Choose the Best Home Loan Tenure

How to Choose the Best Home Loan Tenure

Lenders offer long tenures to borrowers so that they can realise their dreams of becoming homeowners while repaying their home loans with relative ease. Repayment tenures on home loans can extend up to 30 years.

A longer duration substantially lowers the equated monthly installments (EMIs). Unfortunately, this also increases the overall interest payout and cost of the loan.

Sadly, there is no workaround to this. Borrowers who opt for a shorter tenure with lower rates of interest have to pay high EMIs.

Take actions to improve your CIBIL score

These kinds of challenges could lead to defaults and late payments, which in turn, negatively affects the credit profile of the applicants. This results in losing the home at worst or a bad credit score at best, which can hamper any future borrowing power.

Thus, choosing the right home loan tenure is crucial. Thankfully, keeping in mind just a few pointers can help you make an informed decision that is tailor-made to your needs.

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Different Type of Home Loans in India
Different Type of Home Loans in India

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Tips to Reduce Existing Home Loan Tenure
Tips to Reduce Existing Home Loan Tenure

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Home loan Tenure Long or Short - Which One is Good
Home loan Tenure Long or Short - Which One is Good

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Home Equity Loans - A Complete Guide
Home Equity Loans - A Complete Guide

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Who Can be a Co-applicant for a Home Loan?
Who Can be a Co-applicant for a Home Loan?

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What is Minimum Down Payment on a Home Loan?
What is Minimum Down Payment on a Home Loan?

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Top Home loan Rejection Reasons and Solutions
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What is Home Loan Insurance? Why is it Important?
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What is the EMI for 10 Lakhs Home loan
What is the EMI for 10 Lakhs Home loan

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What is the EMI for INR 15 Lakhs Home loan

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What is the EMI for an INR 25 Lakhs Home loan? Know the Details Here
What is the EMI for an INR 25 Lakhs Home loan? Know the Details Here

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What is the EMI for an INR 40 Lakhs Home loan? Know Details
What is the EMI for an INR 40 Lakhs Home loan? Know Details

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INR 50 Lakhs Home loan - EMI Details, Interest Payable and More
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