15 year or 30 year home loan? Know impact on EMI, interest before choosing tenure
financialexpress.comMoving into one’s own house is a dream for most tenants who are paying rent to their landlord. With the home loan interest rates at a multi-year low of around 7 per cent, financing a home is gaining traction among many tenants. After arranging a few lakhs as the down payment amount, approaching a bank or housing finance company (HFC) is all that you need to do to own a home of your own.
The amount of home loan that most lenders provide will be around 50 per cent of your take-home monthly pay. You may show your spouse’s income to enhance your eligibility as well. With most lenders, the actual interest rate applicable to you will depend on your profession, income, gender, credit score etc. One other factor that you need to fix is the tenure of
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