Hi, my husband and I have jointly taken a home loan under the SBI Maxgain scheme. The total approved loan amount is 6500000. the bank has already disbursed 49l to the builder. The monthly EMI that we are paying together is 56000. This is the EMI on a total loan amount of 65l at ~9% interest for a period of 25 years. I confirmed it on bank bazaar EMI calculator site. However, when I see the bank statement it shows that the debit amount is 49 l. And after calculating the interest and the principal component it shows a closing balance which is (49l – principal component of that month). I have not opted for pre-EMI option. My question is, if I am paying EMI on the entire approved amount then why does the bank statement show the calculation based on the disbursed amount and not the entire loan amount of 65l ? My second question is, if till the end I do not need the entire 65l, then what happens to the remaining amount since I am already paying EMI for that? How does that amount get adjusted? Please help me with it. Am I missing something?
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