You have chosen a
property that's yet under construction. So, the lender (Banks and Hosuing
Finance Companies - HFCs) makes the loan disbursement in parts based on the
progress of the construction of your property.
However till the home
loan is fully disbursed you have to pay simple interest at the rate you have
agreed upon with the lender.
This is known as the
Pre EMI.(Equated Monthly Instatalment)
And from the month
following in which the full disbursement is made you will start paying your
EMI.
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