Imagine taking a 20-year home loan and paying EMIs for 24 years. Rising home loan rates mean that borrowers who took long-term home loans 2-3 years ago are saddled with tenures longer than their original tenures. Home loan rates have risen sharply in the past fi ve months, from 6.5% to 8.25%. A 20-year home loan taken in 2019 at 6.7% will get repaid in 21 years, even though EMIs have been paid for three years.
