Is it possible to reduce the tenure of Home loans from 30 Years to 15 years?

POSTED BY vishal2988 ON December 13, 2014 12:52 pm COMMENTS (3)

I have a home loan worth Rs 16 lakhs with SBI bank for the period of 30 years. It was taken in January 2015. I want to convert the tenure to 15 years now. Is it possible?

3 replies on this article “Is it possible to reduce the tenure of Home loans from 30 Years to 15 years?”

  1. AmritBajaj says:
    February 26, 2015 at 6:10 pm

    You can reduce the tenure either by prepayment or by increasing your EMI. You can check with bank official for this, they will guide you with the best possible ways for you. Good luck!

    Reply
  2. sharath Mumbai says:
    December 23, 2014 at 2:35 pm

    you need to give a written application to the bank. They might againa ask for the salary slips and form16 copy, verify if you are eligible for that increased EMI and would sanction it if everything is fine.

    Reply
  3. Ritz P says:
    December 16, 2014 at 8:52 pm

    Hi Vishal

    It is possible to reduce the tenure.. EMI will increase and bank will check if you have the capacity to pay.. if everything is ok.. it can be reduced

    Reply

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