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Must Know

EMI (Equated Monthly Installment) This is the fixed amount that the borrower pays back to the bank or financial institution, for the housing or other any other type of loan. The total EMI consists of a two parts: Part1- Fraction of loan principal and Part2-monthly interest accrued on total outstanding loan principal.

PEMI (Pre EMI) In case of a property under construction, the loan is disbursed according to construction milestones. For a partly disbursed loan, the principal repayment cannot start. Instead only interest is calculated (on partly disbursed principal), and paid by the borrower on monthly basis. The is called PEMI.

Fixed Rate of Interest In a fixed rate loan the rate of interest remains fixed for a defined period of time (refer loan agreement fineprint), irrespective of interest rate fluctuations (up or down) in the market.

 

Floating Rate of Interest In a floating rate loan the rate of interest changes based on the interest rate fluctuations (up or down) in the market. In case the interest rates go up, the borrower has to pay higher EMI. However, in case the borrower is not able to accommodate higher EMI, the loan tenure or duration would be increased.

 

How to get better deal on Rate of Interest Borrower shouldthoroughly check loan terms and conditions, and always negotiate for a better interest rate with the lending institutions before accepting the loan agreement. It is also advised that borrower should keep a close watch on the interest fluctuation, and check the possibility of pre-closing the loan or transferring the loan to an institution providing better rate, terms and conditions. At times a simple request to pre-close the loan might prompt the lending institution to offer better interest rates.

Loan Processing Fee Banks or Financial Institutions charge either a fixed sum or a percentage of loan principal as the processing fee. This is charged at the time borrower submits a loan application. The amount charged is one time, and it takes care of expenses incurred by the lender on verification, processing and administration of the loan account. Lending institutions are generally open to waive off this fee.

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