Can I ask bank to revert back to pre-EMI as I had ask them to start Full EMI ?

POSTED BY ravijpyadav ON May 3, 2014 9:11 am COMMENTS (2)

Hi Guys, I have bought a home which is under construction and i haven’t got the possession. i was paying only interest till JAn 14 (pre-EMI) but i asked them to start EMI as i thought i can pay it. i paid for three months but now I’m facing financial issue and finding it hard to continue paying full EMI.

is there any way to ask bank to stop full EMI and again start pre EMI , if not them what else option i have to reduce my EMI. i havent got the possession so i’m paying the RENT also.

please guys help me i’m going thought tough time.

 

thanks!

2 replies on this article “Can I ask bank to revert back to pre-EMI as I had ask them to start Full EMI ?”

  1. Raja says:
    May 5, 2014 at 9:51 am

    There can be 2 cases why you are paying full EMI
    1. Bank has disbursed the complete loan amount to the builder
    2. Bank is providing you EMI under construction option

    In Case 1, since bank has already disbursed the complete amount, there is no way they can put you on pre-EMI since pre-EMI is calculated on the disbursed amount and it will be nearly the same as your EMI

    In Case 2, the bank would have disbursed only as per construction progress, but still charging you complete EMI in order to give you a benefit of faster principal repayment. In such scenario, ideally bank should be able to give you a pre-EMI option if they have that procedure

    Check which case you fall into and act accordingly. It wont be easy though.

    Reply
  2. ashalanshu says:
    May 4, 2014 at 4:13 am

    Dear Ravi, although bank ‘ll not allow still, you should give it a try.

    Thanks

    Ashal

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.