emi start date

POSTED BY amit ON August 30, 2013 12:22 am COMMENTS (4)

Hi i have taken sbi mg home loan.the first disbursal is yet to happen. my question is if first disbursal happens by let say 7-8 sep, then when will be my first emi due date. will i have to pay in sept only or in oct. in case disbursal happens By 15 sep will emi will start again in oct or in nov ?

4 replies on this article “emi start date”

  1. Rizwan Rakhangi says:

    Bank will ask you the date to choose for EMI …eg 15 or 27 (For HDFC Been there done that) now for this month bank will only charge Interest on disbursed amount….

    Note: Dont take cheque from bank on 6 Sep as that is a Friday as builder will not able to clear the cheque and you will end up paying interest for Saturday and Sunday better for Monday save few bucks as bank will charge interest from the date you receive cheque does’t matter you clear it or not and also force builder to put the cheque for clearance on same date itself.


  2. Dear Amit, the EMI ‘ll start from Oct but for Sept you need to pay your interest on the disbursed amount. So it’s on your interest that you park the amount equal to the interest outgo in your max gain account before 30th Sept.



  3. You have to pay EMI on monthly basis . They will ask you to choose a EMI date when the disbursal happens . Its generally 10th or 25th (atleast in HDFC LTD) . Whatever date you choose, the EMI is for the whole month starting from 1st . Just that the EMI goes on 10th or 25th .

    Now, if your disbursal happens on 15th Sep . In that case you have to pay Sept EMI on pro-rata basis , through cheque . Which means 50% of the EMI . and then you have to pay EMI regularly starting Oct .

    I hope that answered your query !


    1. Matter says:

      It would be helpful to cover pre-emi details. Tax claims on the same.

      — Venki.

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