About an year back my wife gifted me a book “Rich Dad Poor Dad” by Robert Kiosaki, by then I have learnt a lot about finance & money management. I am thankful to Robert sir for such wonderful book which has changed my life 🙂 … and Thanks to Roopa too for gifting me such book 🙂
So I will be sharing some valuable investor tips on how to save some money or generate money based on my own experimentation and learning so far …
So here is one of the most important task of anyone’s life . which is to buy a home … This dream of yours also brings you burden of home loan interest & it is important to know that highest part of repayment is Interest on home loan.
Do you know How to get Home Loan at 0% Interest Rate in India ?
Yes, for sure if you plan intelligently then for sure you can get back all your Home loan interest you pay through EMI’s.
How do I get my home loan interest back, explained with example ?
Say you have availed a Home loan of 10 lacs for 20 years with an interest rate 9.5% your…..
|For a Home loan of 10 lacs for 20 years with an interest rate 9.5% Calculations|
|Monthly EMI||Rs. 9,321.31/-|
|Principal Amount||Rs. 10,00,000/-|
|Interest Payable||Rs. 12,37,144/-|
|Total Amt Payable||Rs. 22,37,115/-|
Trick to get your Home Loan Interest Back
- Keep aside 0.10% of your home loan amount
i.e. 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. (i.e. Rs. 1,000/-)
Mutual Fund Investment:
If I would have invested into HDFC Top 200 MF with SIP of 1000 Rs
|SIP in HDFC Top 200 (Sample calculations)|
|SIP Amount||1000 Rs|
|Start date till June 2017||Jan 01, 1999 to Jun 01, 2017|
|Investment Value as on Jun 01, 2017
(Just 18.5 Years)
|Extrapolated over 20 years returns||Rs. 22,62,151/-|
What is End Result of my planning
|Home Loan Interest Paid Over 20 Years||Rs. 12,37,144/-|
|SIP Amount Paid over 20 Years
Rs. 1,000 x 12 x 20 = 2,40,000 /-
|Total Amount Invested in 20 years||Rs. 14,77,144/-|
|In Mutual fund SIP you generated a wealth||Rs. 22,62,151/-|
|Wow ! My Savings Over 20 Years||Rs. 7,85,007/-|
Being an engineer I am not too good in finance, hence I have tried to keep the calculations as simple as possible (To best of my financial knowledge 😛 )
So I suggest you Start your SIP now and enjoy interest free home loan 🙂
ps : You can also get the book Rich Dad Poor Dad in Marathi
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