How to Increase Tenure of Home Loan?

Hey there Nehal,

A home loan is a boon for every middle-class family that wishes to have a house which they can call their own. But it may happen that with time a certain situation may arise which may lead to alterations in the tenure of home loan. I know this because I have seen such a situation arise firsthand. My father took out a home loan for 20 years, but after a few years, an unforeseen situation arose that compelled us to look for ways to increase the tenure of our home loan. And that is when I understood how to increase tenure of home loan. 

Many of us can face a similar situation as my father’s and may have the question in mind can I increase my home loan tenure or not. But trust me, friend, you can. Home loan tenure runs for as long as 30 years. So, if you have taken a loan for less than 30 years you can easily increase your tenure by following the steps mentioned ahead.

Can I increase home loan tenure?

Yes, you can. You just need to follow the steps ahead to understand the process of changing or increasing the home loan tenure.

• Visit the bank branch from where you have taken a loan.

• Raise a request there for increasing the tenure of your home loan.

• The concerned banking official will go through your latest income statement along with your loan statement thoroughly.

• If the banking official finds everything satisfactory, they  will allow you to increase the tenure of your home loan.

So, to answer the question, can we increase home loan tenure, we surely can but the increase in the tenure will lead to rising in interest. Although the EMIs may go down, the total interest that you will pay will ultimately be higher than before. To know how to increase home loan tenure HDFC or SBI or any other bank, the same process needs to be followed. It is upon the discretion of the bank to allow you to increase your home loan tenure.

I hope now you know how to increase tenure of home loan.