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Planning to take a home loan? Step-up is a good option in difficult times

Real estate prices are reasonable. Loan rates are also affordable - as low as 7.9 per cent for certain banks

Topics
Home Loan | loans | interest rate

Bindisha Sarang 



Home Loan
Home Loan. Photo: Shutterstock

  • No one is going home shopping during a lockdown. But once things start returning to normal, home shopping would not be a bad idea.
  • 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.
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First Published: Fri, March 27 2020. 12:44 IST

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