Home loan tenor is based on your age, income and the age of the property. Most people will decide their housing loan package based on the market situation and the movement of the interest rate. Fixed rate home loan packages are introduced by the various banks for clients who prefer a fixed monthly installment every month regardless of the interest rate fluctuations and movements and offers you predictability and stability in monthly installment with lesser flexibility. However, banks usually do not allow partial or full redemption of your home loan / mortgages as you would be typically be locked in for a tenor of 2-5 years depending on the home loan package. Currently the fixed rate packages are hovering around 3.70% to 3.90% depending on which banks and some banks may include a penalty wavier benefit for sale of property within the lock in period.