Does my Home Loan last up to 5 years even if it is repaid on time?

There has been a significant increase in the loan repayment period for many in recent times. The bank has extended the tenure of home loans from SBI (State Bank of India), the country's largest public sector bank, by more than 60 months.

Borrowers are worried that they will not be able to understand why there is such an increase in the repayment period, even though the interest rate is one to three per cent lower than at the time of taking the loan.

Six-month moratorium;

According to SBI, the extension of the mortgage period was due to a six-month moratorium issued by the Reserve Bank following Covid19. However, the shocking fact is that the repayment period has increased not only for those who did not pay the moratorium but also for those who paid the installments correctly during the moratorium.

The loan moratorium announced by the RBI in March 2020, which worried the people about Covid19 and the lockdown, came as a relief to many at the time. But the same moratorium worries many today.

The loan period of those who have received a moratorium of 6 months due to non-repayment of income due to Covid19 has increased by more than 5 years. That is, there has been a significant increase.

Home Loan EMI calculator is a basic calculator that helps you to calculate the EMI, monthly interest and monthly reducing balance on the basis of principal amount, loan tenure and interest rate. Calculate your home loan here 

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