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.