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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. <br>https://www.herohousingfinance.com/blog/knowledge-series-of-xperts/how_to_choose_the_right_home_loan_tenure<br>

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How To Choose the Right Home Loan Tenure

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  1. 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.

  2. Factors Influencing Home Loan Tenure • Your Earnings 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.

  3. 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.

  4. 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.

  5. 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.

  6. Would Love to hear from you. • Hero Housing Finance Pvt Ltd. • 09, Community Centre Basant Lok, Vasant Vihar, New Delhi - 110057 Thanks! • Tel : 1800-212-8800 • Email :customer.care@herohfl.com • Website :https://www.herohousingfinance.com/ • Know More : https://www.herohousingfinance.com/blog/knowledge-series-of-xperts/how_to_choose_the_right_home_loan_tenure

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