I took a home loan of 1655000/- that needs to be repaid in 240 installments with a moratorium period of 18 months . The loan sanction letter given to me clearly states that after the moratorium period my EMI would be Rs. 16657/-. However, they are deducting the EMI of Rs. 19393/- now for the period of 222 months with the current rate of interest of 10.75 %. As per my calculation, my monthly EMI should be 17201/- for the duration of 222 months with the current rate of interest of 10.75 %.
Even if you calculate the EMI for the duration of 240 months with the current rate of interest of 10.75 % it will come as 16802/-. I fail to understand how the monthly EMI has been calculated as Rs. 19393/- . Can anybody explain? During the moratorium period of 18 months I was regularly paying the interest amount.