Updated: Feb 16, 2022, 15:44 ISTShare:
A tenure is the total number of years over which a home loan is repaid. This can be selected according to your repayment capability. ICICI Bank offers a tenure of as much as 30 years. You will have to pay lower EMI amounts if you select a longer tenure. For instance, if your loan amount is ₹50 lakhs and the interest is 7%, with a tenure of 15 years, your EMI will be ₹44,941. With the same loan amount and interest rate, your EMI will reduce to ₹33,265 if your loan tenure is 30 years. You can use an online EMI calculator to know the exact amount to be paid each month.
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