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Find the payment period that fits the budget

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Reference no: EM132581011

You want a housing loan for construction of a house. Estimated construction cost is Rs. 20 lakhs. You can contribute Rs. 4 lakhs from your own savings and remaining you need to get it financed from a bank @ 8% per annum for 10 years

Question 1: The monthly installment as per the above conditions is not suitable and does not fit in your budget. The maximum what you can pay is Rs. 18000 per month. You are ready to increase the payment period. Find the payment period that fits your budget (assuming all conditions remain same).

Reference no: EM132581011

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