The Step-Up EMI Home Loan will offer better client advantage regarding line accessibility and obligation management. Under Step Up EMI offering, the loan construct will have a blend of flexi and term loan.
E.g. If customer has sanctioned loan of Rs. 50 Lacs for 20 years and availed Step Up EMI Home Loan i.e. initial 2 years for interest servicing only, then:
For the first 2 years – customer will pay only interest on 50 lacs and will not be paying any principal component
For rest of the 18 years – customer will pay interest along with principal component as EMI which will be applicable on 50 Lacs loan amount.
Loan amount: 50,00,000
Loan tenure: 20 years (2 years interest servicing + 18 years EMI period)
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Last update on 11-Mar-2021
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