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Q:I have identified an under construction project and looking for Loan of 30L. After analysing related things it seems like PRE-EMI option is not useful for me to go with. My requirement is like I want to reduce my Principle amount after some time which is not possible with all banks as in initial terms majority of Payment will go towards Interest and also in many banks I have to pay just Interest for 1st 3 years. So I am Planning to go with Tranche EMI option. Many banks in Markets are not offering the same. I have options either to go with HDFC (ROI 9.9 which will be on PLR) or IDBI (ROI -10.5 which will be on BR). Please suggest me best option out of these or any other good sectors to go withif any by keeping accelerated Repayment scheme also as one parameter? IDBI bank is government bank and ROI also on BR which depends directly on RBI guidance instead of PLR whereas HDFC is leading in the Market in Housing Loan and their ROI will be on PLR which is not guided by RBI. Also if you have some article on Tranche EMI that would be great and waiting for that.
Latest Answer: Tranche EMI: Customers purchasing an under construction property, need to pay interest (on the loan amount drawn based on level of construction) till the property is ready. Under this system, customers can fix the installments they wish to pay till the property is ready. The customer benefits by starting EMI and hence repays the loan faster. The minimum amount payable is the interest on the loan amount drawn. Anything over and above the interest paid by the customer goes towards principal repayment. You can read a well researched article here Repayment Options Available For Your Home Loan
