What is Home loan EMI?
- 1.HL EMI is a defined repayment amount of your loan monthly till the loan is completely paid.2.HL tenure in India ranges from 5 years to a maximum of 18 years. Longer the tenure, lower the EMI.
what is the advantage of repaying Home loan EMI through ECS?
- The key advantage of paying Home Loan EMI through ECS is that there is no signature mismatch risk for cheque bouncing or any other technical issue.
How is the Home loan EMI Calculated?
- The basic method for calculating an EMI is that if it is bigger the loan amount, higher will be the EMI, smaller the loan, lower the EMI. Larger the loan tenure, smaller will the EMI.
How does Home Loan or Property Loan work?
- To buy the new home you take a property loan or home loan. The developer of the property is paid the cost of the home according to the payment plan by the lender. The borrower, in turn, pays EMIs which is spread over the tenure of the loan.