Should you choose lower EMI or lower interest rate while taking home loan?

Besides comparing interest rates offered by different players, also compare the processing fee, as this will make a difference to the total cost of your loan

• Loan tenures can go up to 30 years. Give thought to the tenure of home loan you opt for
• On a home loan of Rs 50 lakh taken at an interest rate of 8.5 per cent for 20 years, your EMI will be Rs 43,391.
• Your total interest cost over the tenure of the loan will be Rs 54,13,879.
• If you extend the loan tenure to 30 years, your EMI will become a more affordable Rs 38,446.
• However, your interest cost over the loan tenure will rise to Rs 88,40,443.
• In other words, your interest cost will increase by Rs 34,26,564
• Besides comparing interest rates offered