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Is it possible to start EMI after possession of the flat?- Property hotline
Posted
September 2, 2016
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962
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September 2, 2016
962
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3:21Now PlayingExpert: Kartik Jhaveri, Founder & Director at Transcend Consulting India Pvt Ltd.
Question: I want to book a flat in pre-launch and take a home loan for it. I don't want to opt for pre-EMI. Is it possible for me to start EMI after possession and to pay the interest and principal amount together?
Answer: In case of a pre-launch, the builder seeks investments from the public for projects which are yet to get regulatory approval in the form of licence and clearances. The moment you take the loan, you will have to start paying EMIs, either the pre-EMI (in which you would have to pay only the interest on the loan that will be disbursed at each stage of construction) OR full EMI (in which you pay both interest & principal). It is advisable to opt for the full EMI option, since you start paying off the principal amount from day one.
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