When it comes to buying a home, individuals nowadays turn to availing a home loan which was not the case until a few decades ago. This is mostly because of increasing urbanisation, easy availability of home loans and higher earnings.
While it is good that individuals are availing home loans in order to buy or construct their dream home, it brings us to the question about the loan repayment tenure. In case you avail a home loan, should you opt for a short tenure or long one? While many individuals opt for a short one in order to clear the debts quickly, it is beneficial to opt for a long tenure.
Here, we take a look at the advantages of availing a home loan with a long tenure. Read on to know more.
Home loans have come to the rescue of many when planning to buy or construct their abode. However, when looking to avail the loan, considering about the repayment tenure is also very important. While almost everyone wants to clear the loan soon and become debt-free, it can prove beneficial to select a longer repayment tenure as it can be beneficial on various counts as highlighted above. In case, you are planning to buy a house of your own, opting for a long tenure will hold you in good stead.
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