Home Loan Tips: If you do this with a home loan, you will recover the entire amount including interest..

The home loan gives you convenience, but in return, it charges you a lot of interest. The longer the tenure for which you take a home loan, the more interest you pay for it. Sometimes you pay so much interest which is double or triple your principal amount. In such a situation, how to compensate for this loss, have you ever thought about it? Here is the method by which you can recover your home loan along with interest. Only very smart people adopt this method.

Understand how much interest you pay.
Suppose you have taken a loan of 30 lakhs from SBI Bank for 25 years. You have got a home loan from SBI at an interest rate of 9.55%. In such a situation, according to the SBI home loan calculator, you will have to return Rs 78,94,574 to the bank in 25 years in place of 30 lakhs. If you take a loan for 20 years, then you will have to return Rs 67,34,871 and if you take a loan for 15 years, then you will have to return Rs 56,55,117 at the rate of 9.55%. The longer the tenure, the smaller the EMI, but you have to return a higher amount in exchange for the loan.

This is how home loans will be recovered.
If you want to recover your home loan, then you will have to start a SIP. For this, as soon as the EMI of the home loan starts, you should start a monthly SIP for the same tenure. If you start SIP with 20-25% of your EMI amount as soon as the home loan starts, then you will recover the entire amount of the home loan including the principal amount and interest. But the condition is that you have to start your SIP as soon as the home loan starts and continue it for the same time as the loan tenure.

Understand the method of recovery with an example.
You took a loan of Rs 30 lakh for 20 years at an interest rate of 9.55%. The EMI was Rs 28,062. On this loan, you will have to pay a total of Rs 67,34,871 including the principal amount and interest, out of which Rs 37,34,871 will be only for interest. Now you will have to start an SIP of 25% of the EMI amount, which will be Rs 7,015. You will also run this SIP for 20 years. If you get a return of even 12% on this SIP, then in 20 years you will get Rs 70,09,023 from SIP, which will be more than the total amount of your loan. If you get even better returns, you will withdraw more money from SIP.

Understand this thing well.
However, before investing in mutual funds, you should understand that this scheme is subject to market risks. It does not give a fixed return. The return is also according to the market. Experts consider its average return to be 12 percent in the long term. Sometimes it can be even more than this.

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