The Economic Times

Rs 40 lakh home loan: The EMI looks cheaper at 30 years, but theres a costly catch, warns CA

CA Nitin Kaushik explained how home loan tenure can dramatically affect total interest. On a Rs 40 lakh loan at 9%, a 10-year tenure means an EMI of Rs 50,668 and Rs 20.8 lakh interest, while 30 years lowers the EMI to Rs 32,182 but raises interest to Rs 75.86 lakh. Longer tenure offers cash-flow flexibility, while early prepayment can reduce costs.