What is a Home Loan EMI?

A Home Loan EMI is the amount that a home loan borrower is required to pay on a monthly basis towards the repayment of the loan. This amount is determined on the basis of the amount of the loan, the tenure of the loan, and the interest rate of the loan, which is, in turn, affected by the age and gender of the borrower.

How is a Home Loan EMI calculated?

You can calculate your home loan EMI by using Piramal Realty’s home loan EMI Calculator. You can ascertain the amount of your home loan EMI by entering your home loan amount, tenure, and interest rate.

How to use Piramal Realty’s Home Loan EMI Calculator?

It is easy to use Piramal Realty’s Home Loan EMI Calculator. All you need to do is enter the following information into the tool:

  1. The amount of your home loan
  2. The tenure of your home loan
  3. The interest rate of your home loan
How does the calculation of Home Loan EMI help you plan the purchase of your home?

With the help of our home loan EMI Calculator, you can get a clear idea of the amount you need to pay as an EMI for your home loan. This can help you determine the quantum and the tenure of your home loan and make the necessary revisions to your house purchase plans. This tool can be extremely useful in helping you plan your future finances.

When does the repayment of a Home Loan begin?

The repayment of a home loan begins in the month following the month in which the full disbursement of the loan has been done. However, if your home loan has a moratorium period, then the repayment of the loan shall begin after the expiration of this period.

How is a Home Loan EMI paid?

A Home Loan EMI can be paid in several ways. You can either provide the lending bank with the required number of Post-dated cheques in advance to make the EMI payments or have the deduction be in the form of a Standing Instruction based deduction from your bank or salary account.

What happens if a PDC bounces?

If a Post-dated cheque issued by you gets dishonoured, you shall be liable to pay the penalties as applicable under the terms and conditions of the lending bank and the laws prevailing in the country.

What is Pre-EMI Interest?

If your home loan is disbursed in parts, then you need to pay the interest only on the amount that has been disbursed. This interest, due to be paid on a monthly basis after the partial disbursement of the loan, is referred to as Pre-EMI Interest. Once the remainder of your home loan is disbursed, the repayment schedule of the EMIs shall begin.

When do I pay PEMIs?

Pre-EMIs or PEMIs are payable after the partial disbursement of your home loan. Your first Pre-EMI is to be paid at the end of the month in which part of the loan has been disbursed. This schedule of repayment continues till the commencement of your EMIs, which begins after the full disbursement of the loan.