What is meant by Rent, lease & EMI as individual terms? Rent is form of payment we do for the house owner for taking up the stay in his/her own house on monthly basis. Lease is form of bulk payment we give it one shot to the house owner for a certain period of time, and he/she will pay back the amount once we vacate the home after the tenure period. EMI, popularly known as Easy monthly instalment, in which we get huge bulk amount as lend to buy the property either as house or land, and we need to pay the debt in monthly basis, and as everyone would have been aware, interest will be charged for this principal amount, over the tenure/fixed period of time. The more the tenure, the more interest it would be. Eg: For a principal of 10L and 5% interest over a tenure of 20 years, in total you will be paying 15L altogether. But for the same principal and interest, if it was taken for leas tenure of 10 years, in total we pay 12L only. Which one to prefer? In the perspective of tenant, ...