which one should i choose..
i wanted to go for a loan of 25 lacs with a 20 yrs tenure..
people suggest, looking at my salary, i can just go for a 10 yr tenure..
but, my thought is , i will have a less EMI contribution from my salary if i go for a 20 yr tenure.
on the other hand, people suggest that go for a 20 yrs tenure ,and any time if you make a lump sum principal payment towards your loan, the tenure gets reduced automatically? what does it mean?