Home loans could be one of the biggest financial burdens for many borrowers due to the long tenure and an enormous interest liability. Generally, home loans extend up to 30 years. The higher the duration of a loan, the more interest one has to pay on it. For example, if a person has a loan of Rs 50 lakh at 9 per cent interest for 20 years, he could end up paying an interest of almost Rs 58 lakh, which is more than the house's accrued value.
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