When does Home Loan EMI start?

Your Home Loan EMI starts from the time the Bank has created a disbursement cheque. Some banks start your EMI from the date you picked the first disbursment cheque even before you have

First EMI is called broken period EMI. Which is lesser than your EMI.

What is Broken period EMI?

When you opt for EMI payment, say 5th of every month. Now suppose your disbursment cheque is handed over on 25th of the month. Then Bank would calculate interest for 25th till 5th of next month.. say for 10 days and it would take it on 5th. The next EMI will be as per your EMI schedule.

Again you can go for Pre-EMI or Full EMI. I would suggest if you are capable of paying full EMI then start with Full EMI. Most of the times Banks will keep it to Pre-EMI for under construction properties. Which will not decrease your loan tenure.

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