I want to buy a house but there is this one thing about the
bank loan I am not able to understand. Lets say I am taking loan of 60L rs. and I start an EMI of X amount. The state bank of India (all banks are the same) is deducting only interest for 3 years. So after 3 years my loan amount is same even after paying EMI.
Can someone help understand why is this? Is it just an RBI rule or something?
I am finding buying a home a very costly affair as we might end up paying EMI for almost my whole life. Is it worth it or will I be regretting this?. I don't have house that's why I am thinking of buying one but as a salaried person it feels very uncomfortable to spend so much.