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| Step 6: Construction phase and Pre-EMI-interest payments |
During construction phase, Home First will disburse funds to the builder on your behalf. This will be based on the payment requests made by the builder as per the construction schedule.
Home First will charge only interest on the amount disbursed as loan, during the construction phase. Interest will be billed on a monthly basis and the billing statements will be sent to you before the 1st of every month. Payments have to be made before the 4th of each month. These interest payments are referred to as Pre-EMI-Interest payments.
EMI payments will start only after completion of the project and registration of the property.
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