What is pre-EMI for home loan?

 If you are making a house that is under construction and you have already deal with it, then it is important to know about Pre EMI and Full EMI, so that you do not face any problems.


Whenever you invest in construction property and want to pay through a loan, then pre-EMI and full EMI comes in handy. In such a situation, today we are telling you the meaning of both EMI and telling which EMI can be beneficial for you for your situation.


There are two types of EMI – Pre EMI and Regular EMI. Sometimes when customers go to take a loan or approach any company for a loan, there is a situation of confusion regarding EMI and Pre EMI. In this blog, we will let you know what is Pre-EMI. 


For example, suppose you have booked a flat and have a loan of Rs 50 lakh for it. Along with this, your flat is being built and is not ready to move and yet you are paying the EMI of the loan, then it will be called Pre-EMI. 


What happens is that as long as the construction continues, the bank will not give full money to the builder. In this situation, according to the construction of your flat, the bank keeps giving loan money to the builder as well. During this, you make a partial payment to the builder through EMI. It only involves interest.

There is always a simple interest in Pre-EMI.


That is, before getting the possession, the builder has got some amount after the first disbursement as a first installment. Then as the builder gets the money, your EMI will also increase. If you live in a rented house then this option is good for you. Because in the beginning, your EMI is less. If your intention is to invest and you want to sell the property after getting the possession, then this option is good. When possession will be done then you can request to the bank I don't loan furthering from the bank then I Will start EMI with some formalities.


The amount of Pre EMI is deducted only when the loan money comes into the bank account of the builder. Your EMI will start after the money is received by the builder, and your EMI will be not fixed it will increase after every single disbursement of the loan amount from the bank.


With our company GRD India financial services Pvt. Ltd. We are offering home loans at very low interest rates as per the bank's norms. We make efforts for our clients in providing the best loan price.


Please visit our site to get extra benefits in services and the cheapest loan interest rate- https://www.grdindia.in

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