Negative impactEconomy
Home loan borrowers: Pay higher EMI every month or extend your loan tenure? How to choose after a rate hike
Mint 1 hr ago·19 Oct 2026, 5:06 pm
Recent rate hikes have forced home loan borrowers to make a difficult choice: either pay a higher monthly installment (EMI) or extend the loan tenure to keep the EMI amount the same. This decision impacts your long-term financial planning, as a higher EMI reduces your monthly disposable income, while a longer tenure increases the total interest paid over the life of the loan.
To make the right call, borrowers should first check their bank's current interest rate and see how much their EMI would increase for a shorter tenure. It is also important to review your budget to ensure you can comfortably handle a higher monthly outflow. Ultimately, the decision depends on your current financial stability and your long-term goals.
Key takeaways
- Category: Economy.
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