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Find out how long it will take to pay off your loan based on the EMI you can afford.
By paying just 10% more each month, you could reduce your tenure by approximately 15-20%.
Shorter tenure means less interest paid. A 5-year loan at 10% costs 50% less in interest than a 10-year loan.
Loan tenure is the duration for which you borrow money from a lender. It is directly proportional to the total interest you pay and inversely proportional to your monthly EMI.
Yes, you can usually shorten your tenure by making prepayments or increasing your EMI. Increasing tenure is more difficult and depends on your bank's policy and your age.
Most banks offer home loans for up to 30 years, provided the borrower's age at maturity does not exceed 60-70 years.
Sometimes. Lenders may offer slightly lower rates for shorter tenures (e.g., 5-10 years) compared to very long tenures (25-30 years) due to lower risk.