Repay Your Home Loan Faster | Proven Techniques | Calculator Included
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- Опубликовано: 24 июл 2024
- 🏠💰 Imagine a life without the burden of monthly mortgage payments - I turned this into reality, and you can too! 💰🏠
Join me as I delve into powerful techniques that can expedite your journey to financial independence. Here's a sneak peek at what you'll learn:
Smart Pre-Payments: Discover the incredible impact of making extra payments towards your principal early on. Witness how these pre-payments can significantly reduce interest payments over the loan term.
EMI Boosting Strategy: Learn how I increased my Equated Monthly Installment (EMI) strategically to fast-track my loan payoff. A slightly higher EMI can lead to remarkable savings in terms of both time and money.
Windfall Utilization: Have unexpected income, like a work bonus? I'll explain why channeling these windfalls towards your mortgage can make a world of difference. Say goodbye to decades of loan repayments!
Lump Sum Leverage: Find out how I harnessed one-off lump sum payments to my advantage. These occasional injections can substantially shorten your loan tenure.
Personal Insights and Tips: I'll share insights and tips garnered from my personal experience. Practical advice that you can implement right away.
Ready to reclaim your financial freedom? Hit the play button and let's start building your path to a debt-free future together!
Remember to comment and subscribe for more empowering financial strategies. Here's to your journey towards financial liberation!
[Disclaimer: The information provided in this video is for educational purposes only. Seek advice from a financial expert before making significant financial decisions.]
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Loan EMI calculator : emicalculator.net/home-loan-e...
Home loan EMI Calculator
Chapters
0:00 Intro
0:17 Loan example
0:53 How do EMIs work?
1:47 Breakeven point
2:42 How tenure affects your loan?
3:26 Prepayments
5:58 Points to remember
#usefulInformationBoosan #personalFinance #loans
How to repay loan faster? Repay loans | Payoff debt faster | Home loan
how to repay home loan faster in tamil
Boosan
Awesome video. Hope this will throw some light on those suffering from long period loans.. Good job Boosan!
Checkout the channel page to know : "How to PAY OFF your LOANS FASTER?"
Practical approach explained.
useful information bro
Super, Really useful info
How to check the RLLR rate for the nationalised bank?
Very useful 🎉
Apt information
Bro big fan!! Thank you for the informations. One doubt if I m able to pay say 10L the second year of loan payment. Will my 10L be taken as principle or interest by bank. Given same 40L loan taken.
How to check the break up point
The general thumb rule is, try to make any prepayments atleast before the first half of the loan tenure. Example, if the tenure is 20 years, try to make any extra payment before 10 years to reduce maximum interest.
But 38k in emi today is not the same as 38k after 10 years. Assuming even an inflation of 7%, it will just be 19k after 10 years.
Inflation reduce interest ? Can you brief that bro
There's preclosure charges available still this idea ll be works better?
but pre payment pannalum , interest pay evlo nu calculate pana full amount nama complete pananum la bro?
Hello Sir
Highly informative video. Thank you.
Is the same principle applicable for the personal loan as well sir? If no could you share me the video or link to calculate for personal loan.
It'll be the same for personal loan as well
Hi Bro very nice info, small query
This method sounds perfect if interest rate remain same throughout tenor. At present 2% interest rate rose to 9.75% interest rate from 6.75 % . Still we able to save the money in this situation.
It'll work better and It is even more important to pre-close your loan when it is at an higher interest rate
@@finance.boosan sure bro, I will try to pre-close as soon as possible. Thank you bro 😊👍
Bro... Nan home loan pay pannitu irukan... innum 30 years iruku... Emi koda yearly once extra emi close panna try pandran bro.. ipadi panna ithu sari varuma... ila ,
sip Index Fund la every month 2000, 30 Years iku save pannitu vantha sariya irukumo... knjm guide pannunga bro..
It depends on various factors,
1. If your loan interest rate is higher than the expected return on your investments, it may be financially advantageous to pay off your loan. However, if your loan interest rate is very lower than the expected return on your investments, it may be more beneficial to invest the money.
2. Time horizon: If you plan to sell your home in the near future, paying off your loan may not be the best use of your money. In contrast, if you plan to stay in your home for the long term, paying off your loan can provide peace of mind and financial security.
3. Tax implications: Mortgage interest payments may be tax-deductible, which can reduce your overall tax liability. On the other hand, investment earnings are subject to taxes. You should consult a tax professional to determine the tax implications of each option.
4. Risk tolerance: Paying off your loan provides a guaranteed return on investment, while investing comes with risk. If you have a low risk tolerance, paying off your loan may be the best choice for you.
Other financial goals: If you have other financial goals, such as saving for retirement or paying off high-interest debt, you may want to consider investing your money rather than paying off your loan.
Ultimately, the decision to invest or pay off your loan will depend on your individual financial situation and goals. Personally I would feel better if I don't have a loan on top of my head.
@@finance.boosan Home loan 10 Lakhs mattum iruku.. bro... first home loan emi+extra payment pay pannalama bro... every quarter wise
Yes, you can prepay as and when you have extra money to close your loan faster
Am working in saudi, i am have home loan in india 20lakhs, Interst 9.6%
Here i can take personal loan 20lakhs with 4% interest
Saudi la loan yeduthu india la home loan finish panalama???
India loan period 15yrs.
Saudi loan peroid 3yrs.
Please advise
Good one to move
Bro there is still a problem exists it's pre pay penalty 😢
There is no prepay penalty if it is a floating interest rate
Bro, monthly prepayment nu soneengala.
That means
Monthly EMI -11497
Monthly prepayment- 5000
so totally 16497 kattumnu sollreengha
Hi Ajith, Yes, assuming there is an increase in salary each year - if we choose to increase our monthly payments too, it will reduce the burden of interest.