Recently, I applied for a plot loan of ₹18,00,000 from HDFC Bank to purchase a plot. I am planning to complete the registration on April 4, 2025. However, when discussing the loan disbursement process with the bank, I was informed that from April 4 to April 30, I will need to pay simple interest on the principal amount as Pre-EMI. My EMI will begin on May 1, and I will be required to make my first EMI payment on June 5.
I requested the bank to start my EMI from the date of disbursement itself, but they informed me that EMIs can only commence from the first day of the month. Upon calculating, I realized that I would have to pay around ₹12,000 extra as Pre-EMI if I plot registration on 4th April, which I would like to avoid. I do not want to pay Pre EMI amount. Bank told me also if I do my plot registration on 1st day of the month then only no Pre EMI will be changed.
Could anyone please clarify whether the bank's policy is accurate, or if they are misleading me?
For this type of topic proper videos are also not available on YouTube.
I requested the bank to start my EMI from the date of disbursement itself, but they informed me that EMIs can only commence from the first day of the month. Upon calculating, I realized that I would have to pay around ₹12,000 extra as Pre-EMI if I plot registration on 4th April, which I would like to avoid. I do not want to pay Pre EMI amount. Bank told me also if I do my plot registration on 1st day of the month then only no Pre EMI will be changed.
Could anyone please clarify whether the bank's policy is accurate, or if they are misleading me?
For this type of topic proper videos are also not available on YouTube.
