HOW TO SAVE LAKHS ON YOUR HOME LOAN

Home loan is not given with 0% of interest from banks. It can be made 0% from our smart thinking through calculations. 

If your home cost is 50 lakhs then the bank will provide the loan up to 75%. Home loan is provided with a long tenure period. It is up to 20 - 25 years. It is given in the long term with the intention of the bank to get high interest. The minimum rate of interest is 8%. EMI on loan availed for 50 lakhs is 28943. And the EMI on the max loan availed is also 28943. The extra EMI to be invested is 0. The total principal paid within 25 years is 37,50,000. The total amount paid is 86,82,932. The total interest paid is 49,32,932. From the overall, we can get to know that the interest rate is higher than the actual loan. 

HOW TO MAKE SAVINGS FROM THE INTEREST?

TWO TYPES OF TAX BENEFITS: 

We are Indian and we purchased the home in India also we took a home loan then we will get tax benefits. If you have a home loan then you will get up to 2 lakhs of tax benefits. If you are paying the principal amount then you will get up to 1.5% of tax benefits.

The meaning of this tax benefit is not to pay the tax for this principal amount. Under the tax bracket, we will get 20% of tax benefits. For 50 lakhs of home loans, we will have 13,89,905 total tax savings. The total net interest paid is 35,43,028. Return for extra EMI is 10%. Joining all the interest and clearing the home loan will reduce our stress of interest. EMI on loan availed is 24,698. EMI on the max loan availed is 28,943. The extra EMI to be invested is 4,245. Here you will save up to 27,25,101. If you bought a loan of 35 lakhs, you will have the same tenure period. The rate of interest is 8%. EMI on loan availed is 27,014. EMI on the max loan availed is 28,943. Extra EMI to be invested 1,930.

If you are saving these amounts in some other source then it is considered as extra income. 

It is better to take a home loan up to 20 - 30 lakhs. If you are taking more than this then you have to pay more interest than the actual loan. If your loan is below 30 lakhs then you will have to pay a low rate of interest. It is better to clear the loan within 3 - 4 years. 

BENEFITS:

- The amount of money invested on a home loan has the highest tax benefits. 
- The money from extra EMI can be saved in some other sources.

DISCLAIMER:

This information is given for the purpose of helping the society. This information does not contain any kind of fake information. This is true information that is very useful. We are not responsible for any kind of misuse of the information. 

CONCLUSION:

A home loan is better if it is taken with a tenure period of 3 - 4 years. And it is better to take the loan within 30 lakhs. Home loans will have many tax benefits as well as it is helpful to earn income.