Before applying a loan check your eligibility online and check the interest rates in different banks available in your city. You can get all the details about loans including interest rate, processing fees, Early closure fees etc., online. Many banks provide loan calculator on their website, you can know your rate of interest of respective banks and check how much you have to pay for you expected tenure.
For example if you get a Home loan at the rate of 9.95% per year, you have to pay the double of your loan amount for a tenure of 16 years. it means if you take 20,00,000 Home loan at the rate of 9.95% for the tenure of 16 years you have to pay total Rs. Rs. 40,04,352/- which is double of your loan amount.
So before choosing the loan amount and tenure go through these interest rate and Total amount to be paid depend on your capacity.
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