Hello,
Brief :
I have applied with HDFC for home loan 32L @ 10.75% floating interest rate. Am buying Re-sale property. Before I avail first & final disbursement, have following queries :
Am ready with all docs. required for disbursement by bank and have chosen 15th of every month as EMI Date. Bank says if I take disbursement anytime in April 2012, they will charge me Pre-EMI interest on balance number of days i.e. for e.g. if I take disbursement on 07 april 2012, then they will charge me Pre-EMI interest for 23 days and my regular EMI will start from 15th May 2012. However, I am of opinion that Bank should charge me Pre-EMI interest for 8 days i.e. till 15th April 2012 and my EMI shall start from 15th May 2012.
Hence, I want to know how banks calculate Pre-EMI interest on amount disbursed ?
Thanks in advance,
Sudhir Belose