Home Loan @ 0% Interest
Do you know?
You can get back all your Home loan interest you pay through EMI’s.
If you avail Home loan of 10 lacs for 20 years with an interest rate 9.5% your…..
Monthly EMI: Rs. 9,321.31/-
Principal Amt : Rs. 10,00,000/-
Interest Payable : Rs. 12,37,144/-
Total Amt Payable: Rs.22,37,115/-
Now to get back your interest you just have to keep aside 0.10% of your home loan amount.
ie 0.10% of 10,00,000/- is 1,000/- per month till the tenure of your home loan.
Start an SIP Till the tenure of your home loan with the amount you are keeping aside. (ie Rs. 1,000/-)
what will be value of Rs. 1,000 pm @15% if invested through SIP?
After 20 years➡
Principal Amt: Rs. 2,40,000/-
Value@ 15%: Rs. 14,97,239/-
In Home Loan you pay an Interest of Rs. 12,37,144/- in 20 years.
While in Mutual fund SIP you generate a wealth of Rs. 12,57,239/- which is more than the Interest amount you are paying in next 20 years.
Start your SIP now and enjoy interest free home loan.
MORAL – “I made my first investment at 11, I was wasting my time till then” – Warren Buffet. Its never too late and its never too early hence start a SIP tomorrow.