EMI is the Equated Monthly Installment payable till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
Some of the Incentives Offered Lending Institutions
a) Some companies sanction the loan without requiring you to identify a property as a prerequisite for eligibility.
b) Free accident insurance
c) Discounts
d) Waiving of pre payment penalty
e) Waiving of processing fee
f) Free property insurance