 "Planning to take a home loan? Step-up is a good option in difficult times")
- No one is going home shopping during a lockdown. But once things start returning to normal, home shopping would not be a bad idea.
- Real estate prices are reasonable. Loan rates are also affordable – as low as 7.9 per cent for certain banks.
- The maximum tenure offered by most lenders is 30 years, which makes the EMI much more affordable.
- If you get a step-up loan repayment option, your EMIs will be smaller in the initial years of the tenure.
- They will increase with time, but by then the economy would have recovered from the impact of the Coronavirus epidemic.
- Since a step-up loan takes into account the future earnings potential of the prospective borrower as well, the loan eligibility also increases.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%