Suspense Crime Sach Ka Dam
Employed people take the help of home loans to buy a house. Buying a house with the help of a home loan is easy but it is a very expensive method. If you are taking a home loan of Rs 60 lakh at an interest rate of 9.5 percent for 25 years, then you will have to pay an EMI of about Rs 52,422 every month. By paying EMI of Rs 52,422 for 25 years, you will have to pay only interest of Rs 97,26,540. That is, you have taken a home loan of Rs 60 lakh and you will have to pay a total of Rs 1.57 crore including Rs 97,26,540 of interest. But there is a way, by which you can make your home loan free. Let’s know how.
Start SIP along with home loan
If you take a home loan of Rs 60 lakh for 25 years, you will have to pay an EMI of about Rs 52,422 every month at an interest rate of 9.5 percent. If you start a SIP of 11 percent of your EMI i.e. Rs 5766, then you can recover about Rs 92,11,964 out of Rs 97,26,540 paid for the home loan in 25 years i.e. by the end of the loan period.
A corpus of Rs 1.09 crore will be accumulated in 25 years
If you start a SIP of Rs 5766 with your home loan and you get an average interest of 12 percent every year, then in 25 years your total SIP investment will be Rs 17,29,800, on which you will get an estimated return of about Rs 92,11,964. By combining Rs 17,29,800 lakh of investment and Rs 92,11,964 of return, you will have a total corpus of Rs 1.09 crore.
You can get a return of Rs 1,06,04,320 in 26 years
Not only this, if you extend your SIP for just 1 more year, i.e. continue investing for 26 years, then according to the estimated return of 12 percent, you will get a return of about Rs 1,06,04,320. In this way, you can not only make your home loan free in 26 years but can also save a lot of money.
