Home loan tenure is the duration of the home loan. In general, the home loan tenure varies from five to twenty years. The monthly EMI depends on the home loan tenure. Higher the tenure lower will be your EMI, lower the tenure higher will be the EMI amount which is to be paid back. The right home loan tenure for someone depends on his needs. Most of the home buyers prefer long tenure home loans for many reasons.
Higher home loan eligibility
One’s repayment capacity has a crucial role in determining one’s home loan eligibility. It is directly linked to one’s disposable income. In the case of a longer tenure home loan, the EMI will be lesser and thus higher will be your loan eligibility.
Greater flexibility of repayment
A long tenure home loan offers a greater flexibility of the loan repayment.
Tax benefits
Under sections 80C and 24 b the home loan borrower is eligible for income tax benefits.
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