Choosing your home loan tenure is an as important option as choosing an interest rate for the loan or focusing on repayment and prepayment options. There are several factors to be considered when one decides to take a home loan for a certain period.

-The first important factor is the age. The younger the age, higher the tenure is available. This means, if one decides to take a loan in his 30's, he can get a loan for 20 years-the maximum loan tenure offered. Some banks offer home loans for 25 years but that is an exception rather than the rule. According to the eligibility criteria of the banks, age of retirement is 60 years in case of salaried and 65 years in case of self-employed.
-When taking a loan, one must take into account the fact that interest rates fluctuate during the loan tenure. The fluctuation will impact the home loan EMI, whether one takes a loan at a fixed interest rate or floating interest rate.
-If the loan borrower is younger, he can get an extension in his loan tenure. The maximum loan tenure is 25 years. If the loan borrower is in his 40's, the only option available in such as case would be to increase the EMI. This is easier said than done. The reason is, by the time one is in 40's, the rate of increase in potential income is much lesser as compared to what one can expect at a younger age.
-Another benefit of a younger age is the increased loan eligibility. Even though the current income is taken into account while giving a loan, the potential of increase in salary is also taken as a factor. So, one can easily opt for a top-up loan to meet personal needs or take care of an increased EMI.
- There are repayment options such as Step-Up repayment facility or SURF where the EMI is low in the initial period and increases at a later stage. This could be ideal for a young borrower who is climbing rungs professionally. But, this is an option available for the younger lot.

So, it is advisable to take a home loan when you are younger the benefits keep adding and one has alot of options then available.

Specific Home Loan providers- SBI Home Loans | HDFC Home Loans | Dewan Housing Finance Litd | Axis Bank Home Loans | HSBC Home Loans | ING Vysya Home Loans | Canara Bank Home Loans | Citifinancial Home Loan Schemes

Other Useful Articles- Different Types of Home Loans | Choosing Home Loan tenure | Negotiating tips for Home Loans |