whether emi remain same even if i pay the principle in advance?

Q: I like to buy home loan of 3000000 from lic and the emi is nearly 30000.If i pay the principle in advance every month i.e if i pay 40000 as my emi whether the emi for the next month will be recalculated or i have to pay 30000 every month.My question is whether the emi remains same for 20 years even if i pay the principle in advace?

TAMILARASAN RAMACHANDRAN,

20th March 2013

Home Loan in Karur

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Hello..although different banks offer different scheme but as per my knowledge...your emi will remain the same...the bank recovers the interest amount in first few years and then recovers the loan amount. But to confirm this you should go through your loan papers once again. Things will be clearly stated in papers.