Ans:- EMI (Equated monthly installments) is the fixed sum of money borrowed pays to the finance institute every month. EMI consists of principal and interest both Amount of EMI depends on quantum of loan, tenure of loan and interest rate applicable.

Ans:- Yes, you can make lump sum payment to repay loan a head of schedule .However, HFI (housing finance Institute charges up to 2% of the amount being repaid for fixed rate home loans. They may funds for like to verify the some of prepayment from your bank statements For floating rate home loan HFI are more liberal.

Ans:- Every finance institution ask for a first mortgage of the properly being financed, as security. Title deeds of the properly has to be deposited with the institution borrows has to provide guarantor as collateral security. For properly under construction interim security is also & required. This could be reassignment of life insurance policies the surrender value of which is more than loan amount pledge of shares etc.

Ans:- The rate of interest charged by HFI is constant one the full tenure of loan scheme. This scheme is advisable if you feel that the rate of interest has bottomed out and Interest rates can only more up.