Q:Hi, recently I have booked under-construct Villa project and taken home loan, but I am confused which option should I opt for EMI? Which one is better Pre-EMI or Full EMI?
Latest Answer: Hi, I opted for a full EMI for my house loan with SBI. I was supposed to get the possession in an year's time. But now I see the builder is delaying the project and it may be 3-4 years until possession. In the meanwhile it's going to be a problem for me to be paying both house rent and EMIs as well as for my child's education starting next year. Is it possible to switch from full EMI to pre EMI now? I have already been paying the full EMI for the past one year and the bank has disbused about 10 lakh so far.
Latest Answer: The scheme in my case is from the builder, not the bank. I have not registered the property and not signed any agreement involving any bank. So no EMIs. On posession and posession only, I have to pay the 80% to the builder or at that time if required take a loan from the bank. Yes, the builder has charged a premium over construction linked plan from me.
