EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, 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 to Lending Institutions:

	Some companies sanction the loan without requiring you to identify a property as a prerequisite for eligibility.
	Free accident insurance.
	Discounts.
	Waiving of pre payment penalty.
	Waiving of processing fee.
	Free property insurance.
	Construct a house on a plot of land.

How is EMI calculated?

EMI Formula: l x r [(1+r) n / (1+r) n-1] x 1/12

l = loan amount
r = rate of interest
n = term of the loan