Should loans have longer tenure just to reduce monthly repayment?

Should loans have longer tenure just to reduce monthly repayment?

Claim: Loan tenure should be increased so that it becomes more affordable, and access to financing is improved.

Loan tenure should be increased so that it becomes more affordable, and access to financing is improved.

Increasing the loan tenure will further add to the total cost of financing without significant improvements in the affordability of one’s monthly instalment.

For example:

  Loan tenure of 35 years Loan tenure of 40 years Difference
Loan amount (RM) 60,000 60,000  
Financing rate (%) 4.65 4.65  
Monthly instalment (RM) 289.55 275.55 14.00
Total cost of financing (RM) 121,612.35 132,264.03 10,651.68
Difference in total cost     8.8%

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    April 22, 2018, 7:23 pm

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    May 8, 2018, 11:58 am

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