The first thing that comes to one’s mind when he/she aspires to buy a home through a home loan is the amount of EMI. EMI aka Equated Monthly Installment, is an often repeated word used by banks or lending institutions, for any kind of loan.
Simply put, an EMI is the amount to be paid back to the lender every month against the loan taken for purchasing a property; movable or immovable. This amount basically contains two parts – principal and interest, charged as per the agreed interest rate against the loan amount. This varies every month as the loan amount keeps decreasing.
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