Why is interest more than principal component in my Home Loan EMI?
If you’ve ever taken out a loan or planning to take a loan, you know that you have to pay back more than just the amount you borrowed. This is because the lender or Bank charges you interest, which is essentially the cost of borrowing money. When you make monthly payments on a loan, a portion goes towards the principal amount you borrowed, while the rest goes towards the interest.In an EMI payment plan, your monthly payment is a fixed …