Long-Term Home Loans are issued for a longer duration by the bank, i.e., up to 30 years, whereas, Short-Term Home Loans are issued for shorter periods, i.e., 1-5 years.
– Longer Tenures and smaller EMIs
– Higher chances to meet the Home Loan Eligibility Criteria
– Flexible repayments
– Tax exemptions
– Quicker approval and disbursal
– Lower Interest Rates
– Shorter tenures
– Minimal documentation
Both Long-Term and Short-Term Home Loans have their advantages. Choose a
– Short-Term Home Loans for quick
disbursal & well-managed finances.
– Long-Term Home Loans to borrow a
larger amount & need to manage
repayment.
The choice, in the end, is yours to make!
– Monthly Income (Should be a
min. of 15,000)
– Age (21 years)
– Rate of Interest (8.75% p.a)
– CIBIL Score ( 611 or above)
– Work Experience (3+ years)