I would like to take home loan for under-construction building in India. Completion time will be 30Months. How do I calculate pre-emi, if I take the home-loan of Rs.60L for 15 Years with an interest of 10.5%.
Disbursement will be after every 4 month. (Rough calculation will be like this)
Month Disbursed_Amount Total_Disbursed_Amount 1 Rs. 9L Rs. 9L 2 Rs. 9L Rs. 18L 3 Rs. 9L Rs. 27L 4 Rs. 9L Rs. 36L 5 Rs. 9L Rs. 45L 6 Rs. 9L Rs. 54L 7 Rs. 6L Rs. 60L
After 30 Month, full amount will get disbursed to builder by bank. Once I got the possession, I will start the EMI to bank.
But in this meantime, how do I calculate the Pre-EMI for these 30 Month ?
I will be pleased, if someone provide the formula for pre-emi calculation for above given data