Does SBI charge EMI for full loan amount rather than disbursed amount ?

POSTED BY mathursaheb ON June 27, 2014 2:06 pm ONE COMMENT

I am planning to take a home loan from SBI. I have a few clarifications to seek.

1. Does SBI charge the EMI on the full loan amount from day 1 rather than the amount that this disbursed till that time?

2. What is the duration of a moratorium when purchasing a villa? is it fixed by SBI or is it ased on actual possession?

3. If I take a 1,00,000 loan and only consume 80,000 for the home loan, do I pay an EMI on 80,000 or 1,00,000?

I called the SBI call center but they were of not any great help.

thanks so much

One reply on this article “Does SBI charge EMI for full loan amount rather than disbursed amount ?”

  1. Credexpert says:

    Dear Sir,

    Typically, in housing loans, you pay Pre – EMI on whatever part disbursement you have taken and EMI payment starts the month following the month after full disbursement

    As mentioned above, till the full loan is disbursed, you can pay Pre-EMIs for the interest component of your loan taken till that date. If you decide that you do not want any further loan and want only Rs. 80,000, then the lender, on intimation from you, will cancel the balance Rs. 20,000 and deem the loan to be of Rs. 80000 as full disbursement and start EMI on that amount

    Regards,
    Credexpert
    http://www.credexpert.in

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