Have you bought a new home or planning to buy one? Well In between these moments of happiness and excitement for new home, you must be surrounded by fussy questions like how much loan should I take? How much Interest rate will get generate? How much EMI I have to pay? etc. We understand your slug situation and so we have some better recommendation for all those who are planning to invest in personal property like home.
From the very beginning of the year both government and banks are focusing on offering an Affordable housing. It’s a universal truth that the investment in housing property is enormous and colossal from ones expectation. And so homes are generally bought on finance from banks and NBFC (non-banking finance companies) charging an interest rates, there are even private lenders who offer home loans on higher Interest rates. Now again it’s a big question that who offer best Home Loans Bank or NBFC or Private Lenders, well we have already discussed about it in our previous article.
It’s an open fact that if you are applying for home loan either from banks or finance institute then you have to pay the applicable EMIs to avail that loan. There is a fixed amount of Interest rate applied and each month customer have to pay it in the form of EMI’s without any fail. We have a tip for you to make your home loan interest free.
Yes, there is a ray to suggest you way and that is start investing in SIPs. This is one of the simplest and easiest ways of recovering your investment, infact the return generated by SIP mutual fund at the end is approximately around 12% to 15% in the last 5 to 10 years (depend on your invest plan). SIPs are Systematic investment plan. So what happens in SIP investment, so an investor has to deposit a small sum every month or every quarter. The amount of investment can be as low as 500 for a month bur there are investors who invest 100 Rs on a daily basis. If recovering your home loan interest rate with SIP is one of the super gigantic ideas. Again coming back to our agenda i.e. home loan, investors need to check the calculation of apply in the form of EMI’s.
Let’s consider an example; you took a loan of 10 lakh for 15 years tenure. Interest rate applied on that home loan is 8.5%, then payable amount to the bank will be approximately Rs. 22, 75,000/- at the end of 15 years. As per the calculation the interest amount is approximately Rs. 1,275,000/-. Now if you start a SIP plan for the same tenure as your home loan, you will definitely recover almost 10% of your paid interest. If you invest min Rs.1000 for 15 years, the principal amount generate would be Rs. 1.8 lakh approximately.
So, investing in SIPs will definitely benefit you at the end and records don’t lie. So don’t forget to invest in SIPs while applying for home loan. Investing in SIPs plans will help you to make your home loan interest free. Consult an expert to clear your queries & doubts in regards to paper & documentation required for Home Loan online apply in Delhi.