Home loan tenure of up to 10 years most preferred

New Delhi, May 26 (Agency) Real estate portal Magicbricks on Wednesday released its survey report on home loans, suggesting that a repayment period of up to 10 years is most preferred among consumers. The sample size of the survey is 500, it said.

‘The period of up to 10 years is the most preferred duration of home buyers with 26 per cent of the respondents giving the nod for it. It was followed by 10-15 years (25 per cent) and 15-20 years (23 per cent) as the next most preferred tenures for home loans,’ Magicbricks said in a statement. About 16 per cent of respondents said that they would like to take a loan for more than 25 years, while only 10 per cent preferred repayment tenure of 20-25 years.

Last year, online property classifieds Magicbricks entered into home loan services and had tied up with leading banks, aiming to offer homebuyers a plethora of integrated services from the discovery to the transaction phase. ‘With average home loan interest rates hovering between 6.65-6.90 per cent, borrowers now want to repay their mortgages as fast as possible,’ Magicbricks Chief Executive Officer Sudhir Pai said on the survey report. Magicbricks has monthly traffic exceeding 20 million visits and over 1.4 million property listings, the statement said. Magicbricks.com is owned by Magicbricks Realty Services, which is a subsidiary of Times Internet, the digital arm of the Times of India Group.