EMI vs. rent dilemma with a real-world example:
<p>When contemplating whether to buy a property or continue renting, the decision often boils down to comparing the long-term financial implications of both options. Let’s take a hypothetical situation where you’re considering buying a property worth ₹3.5 crores. For simplicity, we assume you’re looking at a loan of ₹3 crores over 20 years and comparing this with paying a monthly rent of ₹55,000.</p>
<p>The EMI Calculation:</p>
<p>For a ₹3 crore loan at an interest rate of 7.5% over 20 years, the monthly EMI (Equated Monthly Installment) works out to approximately ₹2,41,678. Over 20 years, you would end up paying a total of about ₹5,80,02,709 to the bank.</p>
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