3 Factors Which Affect The Home Loan Tenure




Are you planning to apply for a home loan to finance the payment on the purchase of the new home? The home loan facility is a great bliss for the homebuyers as it helps to reduce the financial risk associated with the home buying process much. It is good to have a basic idea regarding the home loan tenure, required down payment, interest rates, EMI etc. before applying for a home loan.

When it comes to home loan tenure, it is positively correlated to the home loan amount. With higher homer loan tenure, the applicant will have higher home loan eligibility, therefore it makes sense of a borrower to opt for a longer tenure. But do you know what are the important factors which affect the home loan tenure?

1.    Age and source of income of the applicant
Since the age of the borrower determines his home loan repaying capacity, financial institutions consider the age of the applicant as an important factor to determine the home loan duration. Source of income of the applicant is also an important factor.

2.    Age of the property
The home loan tenure cannot be longer the residual life of the property.

3.    Leasehold properties
In the case of a leasehold property, the home loan tenure cannot be more than the balance period of the lease.

Melonwood  Homes, leading builders in Kochi, has become a preferred name for choicest addresses in flats in Kochi Kerala. Their flagship residential project, Melonwood Greens, apartments in Kochi, have made a luxurious statement among premium homes in the city.

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Location: Kerala, India

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