Currently you get a tax break on the interest and principal repaid each year on a Home loan that you take. This tax break can be availed separately by the co-applicant to the loan as well. The EMI paid every month has an interest component and a principal repayment. The interest payments in the initial years of a loan are very high and gradually fall over the life of the loan. If the tenure of the loan is too long then the interest and principal payments may be very small compared to the tax break you can get. If the tenure is too short then the interest payments may be too large in the initial years and very small in subsequent years then you will not be able to claim the full tax deduction. You can try various tenures until you find the correct tenure of the loan that you must take.

A payment of Rs. 552 [Rs. 500($10) plus 10.30% service tax] gives you access to use the following resources for a 30 day period:

- Maximum Loan Locator
- Cheapest Loan Locator
- Refinance Loan Locator
- Income Tax optimiser