How to get a HOME for FREE!!??

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This is how to get a home for free! Get a home loan for 30 years, and add a small SIP to it - that’s it! This is how:

- Amount of loan = ₹75,00,000.00
- Annual interest = 9% p.a.
- Length of loan = 30 years
- Monthly EMI = ₹60,346.70 (assuming 0 down payment)
- Monthly SIP = ₹6,034.67 (10% of EMI)

➡️ If you invest 10% of the EMI amount (₹6,034.67) every month into a safe index fund (or a mutual fund) that gives 12.5% annual returns, it would be worth ₹2,38,24,123.00 after the loan tenure of 30 years. This is almost ₹21 lacs more than the total amount that you paid for the EMI over these 30 years (₹2,17,24,810.66). So you don’t just pay off the cost of house acquisition, you end up with a profit of ₹21 lacs. This is the real power of compounding!

➡️ If you think that you won’t have enough money to invest after paying the EMI, you can increase your tenure by a few years and invest the difference in the SIP.

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#personalfinance #creditscore #homeloan #compounding #emi #sip #loan

[personal finance, credit score, home loan, personal loan, power of compounding, sip, emi]
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