Your first Home Loan EMI will be deducted on the subsequent due date in the month following your home loan disbursal.
For example, if your monthly EMI debit date is the 10th; and your home loan was disbursed on the 18th of June; Your first EMI will be deducted on the 10th of July.
Now, there are different factors involved in calculating your first EMI debit date.
- If you have opted for a moratorium, the EMI will be debited on a later date, as agreed in the loan document. Banks offer you a moratorium period of 3-6 months on your home loan EMIs. If you opt for this option, the EMI will be debited once this moratorium period ends.
- EMI Free Loan Period: Many banks offer nil EMI option until the completion of your house. If you have purchased an under-construction house, you need not pay EMIs till the construction is completed and you take possession of the house. In such cases too, the EMI date will be delayed.
- Normal EMI debit date: Generally, the EMI debit falls on the month following your loan disbursal. A few banks have a monthly cut-off date. Like, if the loan was disbursed after the 20th or 25th of the month, the EMI will not fall on the month immediately succeeding your loan disbursal, but the month after that. For example, if the loan was disbursed on the 27th of June, instead of a July EMI, the amount will be debited from August.
The customer should clearly check with the bank on the correct EMI start date so that they can maintain sufficient balance to prevent any defaults.
Also Read: 7 Home Repayment Options To Choose From