As property rates keep on rising day by day, it has become nearly impossible to buy a house entirely from your savings. In such situations, home loans have become quite a popular and viable option. With these loans, one may comfortably pay off the mortgage amount over a period of 20 to 30 years by breaking it up into several modest payments, or EMIs.
The principal loan amount as well as the interest on the loan, which will be spread out over a number of years until the loan repayment is fully paid off, are both included in the EMI.
EMIs are of two types- pre-EMI and full EMI. As it might be confusing for you to pick one, we go through each of them in detail in this video.
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