Pre EMI vs full EMI - What should you consider while applying for a home loan? | Mint Primer

As property rates keep on rising day by day, it has become nearly impossible to buy a house entirely from your savings. In such situations, home loans have become quite a popular and viable option. With these loans, one may comfortably pay off the mortgage amount over a period of 20 to 30 years by breaking it up into several modest payments, or EMIs.

The principal loan amount as well as the interest on the loan, which will be spread out over a number of years until the loan repayment is fully paid off, are both included in the EMI.

EMIs are of two types- pre-EMI and full EMI. As it might be confusing for you to pick one, we go through each of them in detail in this video.

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One querry
We took home loan in 2020 and possesion date being 2022
Due to corona we got possesion now in 2024
Now my loan period is 30 yrs and till possesion we only paid pre EMI
Now once we got our possesion full EMI started but again with 30 yrs
Which means my loan tenure from start of loan was to end by 2050, Now it ll end 2054, 4 yrs of only interest it has become 34 yrs .. is it legal as no where in loan agreement it's mentioned 30 yrs will start from date of possesion
Please guide and aware