Home Loan - Own Business!

[vinks]

I have my own shop and I do file IT Return for the last five years. Now looking for home loan. What would be the maximum tenure for me as I would like to work in my shop till my death (means no retirement age)?

The tenure of loan depends on loan amount, EMI, age and your retirement age. In case of own business the retirement age is assumed as 65 years by most banks.

[coolsam]

The tenure of loan depends on loan amount, EMI, age and your retirement age. In case of own business the retirement age is assumed as 65 years by most banks.

Thanks for answering my query! My age is 30 years. Would I go for longer term with low EMI or go for short term loan?

[vinks]

My age is 30 years. Would I go for longer term with low EMI or go for short term loan?

Go for longer term with low EMI. Also ask for no prepayment penalty clause from the loan provider. Low EMI means that low burden and whenever you have extra money pay back your loan without any penalty.