Why Salaried Professional Prefer 30-Year Loans?
BANGALORE: Want to buy a home loan? Be sure that you are a professional or self-employed. It is true that the age for an average homebuyer has been dropped from 40s to 27-30 but age is not the only factor that helps one secure such loans, reports Business Standard. However many banks and housing finance companies offer 30-year loans.
Lenders check for customers with a particular profile before disbursing long-term loans,. Apart from being young, one might also have to be a professional or self-employed. Renu Sud Karnad, managing director at HDFC, said, "Loan tenures of up to 30 years is meant for customers with a particular profile, youngsters who have only some years of work experience and are preferably professionals, as their incomes might grow exponentially. It is the lender's prerogative to give you a tenure they are comfortable with."
Banks like HDFC and ICICI offer 30-year home loans at 10.15 per cent. DHFL offers it at 10.25-10.5 and 10.50-11 per cent. A housing loan of Rs 50 lakh for 30 years at 10.15 per cent will mean equated monthly instalments (EMIs) of 
44,434; a similar loan for 20 years will mean EMIs of 48,749: The difference works out to 4,315 a month, or 51,782 a year.
V N Kulkarni of debt-counselling centre Abhay, said, "The biggest drawback of this product is you have to pay more interest because you choose a lower EMI."
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