Advantages
Benefits of Choosing EMI
EMI simplifies open plot purchases with affordable, flexible
monthly
payments for easy ownership.
Affordable Payments
Break down your investment into smaller monthly payments.
Flexibility
Choose from a variety of tenure options based on your budget.
Tax Benefits
EMI loans can often come with tax benefits under applicable laws.
FAQ
Frequently asked questions (FAQ's)
EMI is calculated based on the loan amount, interest rate, and loan tenure using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is the loan amount, R is the monthly interest rate, and N is the tenure in months. Use our EMI calculator for an easy estimate.
Eligibility depends on your income, age, credit score, and repayment capacity. Generally, a credit score of 700+ and steady income are required. Specific requirements may vary by lender.
Yes, you can select a tenure that suits your budget. Longer tenures result in lower monthly EMIs but higher interest, while shorter tenures reduce interest but have higher EMIs.
Missing an EMI may result in late payment charges and negatively impact your credit score. If you face difficulties, contact your lender immediately to discuss options.
Most lenders allow prepayment or foreclosure of loans, often with minimal charges. Prepaying helps reduce the interest burden. Check with your lender for specific terms.