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What is the optimal tenure for a loan?- Property Hotline
Posted
September 23, 2016
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953
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September 23, 2016
953
10
1.05%
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2:49Now PlayingExpert: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd .
Question: What is the optimal tenure for a loan?
Answer: In case, of housing loans, generally, the tenure is long - may vary anywhere between five and 20 years. Most borrowers prefer to go in for a longer tenure rather than a short one. The repayment through EMIs depends on the tenure of the loan and amount.Longer the loan tenure, lower the EMI. Shorter the loan tenure, higher the EMI. Of course, going by the same logic, for shorter loan tenures, the interest amount paid is also less as against the longer tenure loans, where the interest amount increases. Optimal loan tenure depends upon your other financial obligations. You can consider 10-15 years tenure as a broad outline.
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