Muniyandi

1. Go for a Shorter Tenure As mentioned earlier, your loan tenure is one of the primary factors responsible for the interest you are supposed to pay. Though longer tenures say 25 to 30 years, will cut down the monthly instalment amount, shorter tenures, say 10 to 15 years, will help reduce the overall interest payable. You can see for yourself how the interest gets reduced drastically for loans with shorter tenures by using a home loan EMI calculator. So, before you sign up for a loan, choose the tenure carefully so that you don’t end up paying higher interest against your loan.