How To Choose the Right Home Loan Tenure

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How To Choose the Right Home Loan Tenure
When applying for a home loan, choosing the right
home loan tenure is among the most important
decisions you have to make when the lender
approves your house loan.
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If your income is consistent and you can make
regular payments while considering your other
obligations, a shorter-term tenure would be more
advantageous, and vice versa.

• Your age

If you're young, a longer loan term is preferable
to a shorter one. This implies you can lower your
EMI payments and vice versa.
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• Interest Rate

Your interest outflow will be less when the
interest rate falls, and vice versa.

• Loan Amount and Down Payment

The entire cost of the property is not financed
by any financial institution. It is usually wise
to make a larger down payment since you will have
to borrow less money from the lender and pay less
interest as a result.
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• Existing Debt Regular Expenses

If you already have any other financial
commitments, it is better to choose a loan with a
longer term and lower EMIs.
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Tips to Reduce the Home Loan Tenure

• Boost Your Down Payment.
• Prepaying the principal amount of your mortgage
  will shorten the term of your loan.
• Refinance your existing loan if needed.
• Reduce the length of your existing home loan by
  choosing a home loan restructuring plan.

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• Thanks!

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