The article is informative for a novice. However, as a banker working in credit department of a leading nationalized bank i would like to point out other aspects which every home buyer should know. 1st of all, pre-EMI is a con term used by private banks to trick the customer into availing of advance disbursement facility which will prove costly to a middle class buyer because usually they are the ones who face shortage while buyer a home; There is no tax benefit if your house is under construction; Pre EMI carries compound interest and not simple interest as indicated here. Margin or down payment again is a con term. While scouting of home loan. Please check whether margin of 5% is on agreement price or the entire gamut of expenses including stamp duty, registration, society charges, car parking slot, advance maintenance charges etc. Try to understand the appraisal details. Then you will understand where you stand and can do better planning. Before making payment go and cheque the municipal records for approvals. It is a simple english document and not intimating at all if you care to understand. The list goes on.
