Want us to help you with anything?
Request a Call back

This field is required Only alphabetes are allowed
This field is required Only alphabetes are allowed
Please enter valid number
Please enter valid email
Please select product type
Please enter valid pincode

Thank you for your request.

Your reference number is CRM

Our executive will contact you shortly


2 mins Read | 2 Years Ago

What should be the ideal tenure of your Home Loan?

4 tips that can help if you need a higher loan amount

What should the ideal tenure of your Home Loan be?

When it comes to a large amount of money, only few can arrange readily available funds. Home Loans are a widely used financial solution to purchase property and you can repay the instalments over a specified period, also known as the repayment tenure. Choosing the right tenure for your Home Loan is important as it can have a huge impact on your finances. The ideal Home Loantenure will depend on several factors like income, financial goals and expenses.

What is a Home Loan tenure?

Home Loan tenure is the time it takes to repay your loan. It is usually measured in years with most Home Loans offering a tenure of 10-30 years. The tenure determines the Equated Monthly Instalments (EMI) towards repaying your loan. An extended tenure will result in a lower EMI while a shorter tenure will mean a higher EMI. However, this does not mean a longer tenure will not cost you more eventually.

Things to consider when choosing the ideal tenure for your Home Loan

  1. Age: Your age is a big factor when determining the ideal time to repay your Home Loan. If you are young, opt for an extended tenure as you have time to clear the loan. Your EMIs will also be affordable. If you are closer to fifty, choose a shorter tenure and repay before retiring

  2. Income: Your income also plays a crucial role in determining Home Loan tenure. If you have a substantial and stable income, opt for a shorter tenure as you can afford to pay higher EMIs at lower interest rates. If not, choose an extended tenure to keep your EMIs affordable

  3. Financial goals: If you are planning to save for retirement, children’s education, or investments, it is wiser to go for an extended tenure to keep your EMIs affordable and save more. If your goal is to repay the loan as soon as possible, you can opt for a shorter tenure

  4. Expenses: Consider your expenses before settling on your Home Loanrepayment tenure. If you have high monthly expenses, choose a longer tenure to accommodate your EMIs and expenses. However if you are on top of your spending, opt for a shorter tenure.

Which is better: a shorter tenure or a longer tenure?

Opting for a shorter tenure can help you save money in interest payments over the loan duration and help clear debt. Even if you opt for a longer tenure but want to repay your loan sooner or vice versa, change your Home Loan's tenure. However, this may lead to additional fees and charges. Before you apply for a Home Loan, you must check whether you are eligible or not.


After considering these factors, you will be able to choose an ideal tenure for your Home Loan. Remember, the tenure you choose for your Home Loan will affect your finances and overall financial well-being.


People who read this also read

View All


View All
2 mins Read | 1 Year Ago
What is Money Saver Home Loan Scheme - ICICI Bank
Home Loan

Scroll to top