Home loan calculator: The amount of home loan is usually large. Even after the down payment, a large amount has to be taken as a loan from the bank. If we calculate the EMI (home loan EMI calculation), the interest also becomes very high. That is, more than double the principal amount of the loan has to be paid back to the bank. In such a situation, if you invest in an SIP (systematic investment plan), then you can easily manage and repay a home loan of 20 lakhs in just 6 lakhs.
Effect of home loan tenure on interest-
Usually, people take home loans for 20 to 30 years. The longer the home loan tenure, the higher will be the interest. If you take a home loan (Home Loan SIP) of Rs 50 lakh for 20 years at an interest rate of 9 percent, then you will have to pay Rs 58 lakh only as interest.
This is how investing in SIP will work-
Nowadays, one has to pay Rs 50-60 lakh to buy a normal house. If you buy a house worth 50 lakhs, you may have to take a loan of 30-40 lakh rupees (Home Loan interest rates) even after the down payment. You will also have to pay a very high-interest amount on this. To compensate for the home loan interest, you can invest in mutual fund SIP. You can get high returns by investing in mutual fund SIP. That is, you can get more money by investing in SIP than the home loan interest.
Home loan interest is high-
The tenure of a home loan is long, and due to its large amount, its EMI is also very high. On taking a loan of 20 lakh rupees for 10 years, usually, the EMI (home loan EMI) will be more than 25 thousand rupees. In such a situation, you will have to pay about three lakh rupees every year as interest. According to this, you will be able to repay the loan (loan repayment rules) for a total of 30 lakhs, that is, the interest will be around 10 lakh rupees.
This is how you can meet the interest-
If you invest in SIP along with a home loan, then you can reduce the burden of a home loan by getting good returns. You can get double the amount of home loan interest from this. This will easily cover the interest of the loan.
Invest before the loan-
When you plan to take a loan, then definitely think about investing in SIP before that. If you take a loan for 10 years, then invest in SIP 5 years in advance. This will make it easier for you to repay the loan. You can also get up to 15 percent interest in this.
This is how you will save-
If you invest 5 thousand rupees every month in SIP for 10 years, then you will get 14 lakh rupees on maturity. With this, you can easily repay the home loan. In such a situation, you will have to pay only Rs. 6 lakh out of the home loan of Rs. 20 lakh and the remaining Rs. 14 lakh can be paid through SIP.
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