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Of home loans, EMIs and property insurance
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financialexpress.comBy Sunil Parameswaran
In earlier days, the normal practice was to save money, and buy a home just before retirement, or at the time of retirement. In fact, most people would use their provident fund to acquire a home. Government employees would use this money to acquire a home, and then depend on their pension income for other expenses. Those who were supported by grown-up children, had another source of support.
Today people in their early 20s take housing loans. A home loan is an amortized loan. That is, it is paid back in the form of equal, usually monthly instalments. Hence, the word EMI. The present value of all the EMIs is the loan amount. Each EMI consists of a part payment of principal, and interest on the outstanding balance. Since
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