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How are home loans repaid?

April 26, 2017home loans repaid

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How are home loans repaid?

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The home loan repayment is by Equated Monthly Installments (EMIs) comprising of interest and principal amount calculated on monthly rests through Post Dated Cheques or ECS mode. In case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called Pre-EMI interest and is payable monthly till the final disbursement is made, after which the EMIs would commence.