EMI stands for Equated Monthly Installment. It's the fixed payment amount a borrower pays to a lender at a specified date each calendar month to repay both principal and interest over a chosen tenure.

Yes, most lenders permit loan prepayment, either partially or fully. Floating rate home loans usually carry zero prepayment penalty, while personal or fixed-rate loans may have nominal charges.

The EMI amount is inversely proportional to tenure. A longer tenure lowers monthly EMIs but increases total interest paid over the life of the loan.