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If you have also bought a house on the loan, then the interest rates of your Home Loan have also decreased after the RBI recently cut the repo rate. The direct advantage of this is that your EMI and Total Loan Payable Amount will decrease. For example, if you have taken a loan of 50 lakhs for 20 years at an interest rate of 8.3%, then your EMI is about ₹ 42,760, but if the interest rate is 7.3%, the EMI will be ₹ 39,730, which will save you ₹ 3,000 per month. Now if you invest this savings amount in SIP, then in 20 years your investment can make a corpus of about 35 lakhs. This means, out of the total loan payable of 95 lakhs, 35 lakhs will be benefited only by SIP investment. Overall, you will have to pay only 60 lakhs at a loan of 50 lakhs. In this video, we will understand this calculation in detail and tell how you can take advantage of millions from this strategy.
