When you avail of a part of your home loan, you will be charged simple interest on the amount that has been paid out till your entire sanctioned home loan amount is disbursed. This payment of simple interest on part payment is called PRE- EMI Interest.

An EMI is the 'Equated Monthly Installment', which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full. It is calculated in the manner that in the initial years of the loan, the interest payment is much larger than the principal component whereas in the latter years of the loan duration, the principal component is much larger. We offer the cheapest home loans which means that in comparison your EMI’s on a IIFL Home Finance Limited Home Loan will be lower, thus making it easier on your pocket.