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Should I pay Pre-EMI or EMI after possession?- Property Hotline
Posted
December 9, 2016
Views
7,250
Likes
51
Comments
1
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0.72%
December 9, 2016
7,250
51
1
0.72%
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6:57Now PlayingExpert: Ramganesh Iyer, Co- founder of FISDOM.
Question: I want to book a flat that I am getting in a pre-launch offer and avail a home loan on the flat. I do not want to opt for pre EMI. I want to know whether it is possible to start the EMI after possession and that if I could pay the interest and principal amount together.
Answer: In Pre-EMI you only pay interest component of the loan till possession. After possession you pay full EMI including principal and interest. In EMI after possession developer pays EMIs to your bank. Then developer recovers full cost of EMIs through high rates. If developer defaults EMI, your CIBIL score is affected. It is better for you to pay pre-EMI rather than EMI after possession.
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