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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.
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.
Know More
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