<link href="//maxcdn.bootstrapcdn.com/bootstrap/4.1.1/css/bootstrap.min.css" rel="stylesheet" id="bootstrap-css"> <script src="//maxcdn.bootstrapcdn.com/bootstrap/4.1.1/js/bootstrap.min.js"></script> <script src="//cdnjs.cloudflare.com/ajax/libs/jquery/3.2.1/jquery.min.js"></script> <!------ Include the above in your HEAD tag ----------> <h1>Which Home Loan Tenure Should I Opt for 20 Years or 30 Years?</h1> <p>Choosing a <a href="https://www.aavas.in/home-loan">home loan</a> tenure can be a crucial decision as it can have a significant impact on your finances in the long run. Here are some factors you should consider before deciding on the tenure of your home loan:</p> <p><h3>1. Monthly EMI :</h3> The tenure you choose will directly affect your monthly EMI. The longer the tenure, the lower your EMI, but the higher the overall interest payable. On the other hand, a shorter tenure will result in a higher EMI, but you will pay less interest over the long term. To check the monthly EMI in both the tenure, you can use an <a href="https://www.aavas.in/home-loan-emi-calculator">online free EMI calculator</a>.</p> <p><h3>2. Affordability :</h3> Choose a tenure that you can comfortably afford, taking into account your current and expected future income, expenses, and other financial obligations.</p> <p><h3>3. Age :</h3> Your age is an important consideration when choosing a home loan tenure. If you are young, you may be able to opt for a longer tenure, as you will have more time to repay the home loan. However, if you are close to retirement, it may be better to opt for a shorter tenure so that you can repay the loan before you retire.</p> <p><h3>4. Prepayment :</h3> Prepayment refers to paying off a portion or the entire outstanding principal of a home loan before the end of its tenure. Making prepayments on your home loan can help you save money on interest and reduce the overall cost of the loan. If you plan to prepay your home loan, choose a tenure that allows you to do so without incurring any prepayment penalties.</p> <p><h3>5. Interest rates :</h3> Interest rates can vary depending on the tenure of the home loan. Make sure you compare interest rates for different tenures before making a decision.</p> <p>Based on the above factors, you can decide whether a 20-year or a 30-year tenure is better for you. A 20-year tenure will have a higher EMI, but you will pay less interest over the long term. On the other hand, a 30-year tenure will result in a lower EMI, but you will pay more interest overall. Ultimately, the decision will depend on your personal financial circumstances and goals. </p> Related Blog : <a href="https://aavas-financiers-limited.my-free.website/">What Are Some Tips For First-Time Home Loan Borrowers?</a>