Extending the loan tenure can help reduce your EMI. But this entails a cost

Is the equated monthly instalment (EMI) on your huge loan biting into your monthly savings? Sure, repo rate cuts by the RBI so far in 2015 may have brought some cheer, but your monthly EMI would not have changed much for two reasons. First, banks do not alter the EMIs every time there is a change in the interest rate. Instead, for convenience sake, banks only adjust the tenure of the loan. For ins...