When there is a change in interest rates, it increases the period for repaying the home loan. Most people do not pay attention to this in the beginning

Later, when they come to know that the tenure of their loan has become very long, they complain to the bank

Suppose you took a loan of Rs 30 lakh at the rate of 8 percent for 20 years. In this way your EMI will be around Rs 25,093

Let us assume that after 5 years of taking the home loan, your home loan rate becomes 11 percent. At this time, the outstanding principal amount of your home loan will be around Rs 26 lakh

In the situation after 5 years, you will feel that now 15 years of EMI are left, but this is not the case. Actually, as the interest rate increases

So if your EMI is kept close to Rs 25,093 as before, then the remaining tenure of your loan will not be 15 years but 28 years

Here, if your EMI is seen in terms of 15 years, it will increase to around Rs 29,500. In this way, it will take you about 33 years to repay what you were supposed to repay in 20 years.

If you do not want the tenure of your home loan to increase, whenever the interest rates increase, you will have to talk to the bank and get your loan restructured

That means you will have to ask the bank not to extend the tenure, but to increase the EMI as per the new interest rate