Hi,
I have taken a home loan of 30 Lakhs with ICICI bank, and my ROI is 10.5% and the tenure is 20 years. Right now am paying my Pre EMI amount for 17Lakhs, which has been disbursed.
My actual EMI (approx- Rs 30,000) would commence only after the full building completion, which will take another year.
I came to know there is an option of paying the actual EMI during the Pre EMI period to avoid paying interest thereby paying the principal amount towards the loan amount. Can anybody suggest me?
1. Whether ICICI offers such option, having disbursed a partial amount (17L)? If they provide such option of paying actual EMI, would it be better (in my case) going for actual EMI or Pre EMI? Please give me some information.
2. If I pay the actual EMI now, will there an additional amount apart from my actual EMI to be paid for the principal being paid?
3. I assume there is no IT benefit of my actual EMI right now. Is the assumption right?
Thanks in advance!