What does `amortization` mean?

hi mark,

amortization means a type of a loan in which the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan

that's pretty imprecise.

mark, you would be better off to enter the word into a google search or similar and you'd get a definition that way.

this post doesn't edify the conglomeration of folk who visit this site.

Beside payments of principal and interest, the payments are equal over the life of the loan.
In order to make the payments equal over the life of the loan, the portion of interest and principal paid each month changes. With every payment more goes to principal and less to interest.

it is closely linked with EMI.

EMI means equated monthly installment. for the sake of simplicity & fixed income of individual, it is a standard practise in industry to pay back mortgage as an EMI