SIP with home loan: Taking a home loan with incomplete financial planning can trap even the best of people in a debt trap. On the contrary, if you use a little bit of brain, you will be able to manage the home loan easily (how to manage a home loan) and repay it. For this, you will have to adopt a method, and after that, you will pay 14 lakh rupees on top of the loan of 20 lakh. With this, your dream of buying your own house (property buying tips) will also come true easily.

Take advantage of investing in SIP -

In today's time, at least a 2 BHK house is required to live, which is available for 50-60 lakh rupees. In such a situation, even if you make a down payment of 20 lakhs, you will still have to take a loan of 30-40 lakh rupees (Home Loan process). You will have to pay a lot of money as interest on this loan amount.

If you want to recover this interest amount, then a mutual fund SIP can be a great option for you. Investment in SIP (how to invest in SIP) is also of long duration, like a home loan, so you can get more money from SIP than the interest on the home loan.

Home loan interest is high-

Due to the large amount of home loan, its EMI is also high. Usually, if you take a loan of Rs 20 lakh for 10 years, then its EMI (loan EMI) becomes around Rs 25 thousand. In this way, you will have to repay a total of Rs 30 lakh for the loan (home loan repayment rules) in 10 years. If you deduct the loan amount of Rs 20 lakh from this, then Rs 10 lakh will be for interest only.

This is how interest money will be managed with SIP-

Investing in a SIP (systematic investment plan) along with a home loan can be beneficial for you. You will get the return of the SIP at the time of finishing the loan. The advantage of investing in this is that you will get double the amount of the interest rate on the loan. This amount will easily compensate for the interest on your loan.

Invest in SIP so many years in advance-

Whenever you take a loan, decide how many years you are taking the loan and when it will be right to invest in SIP (SIP investment tips). If you take a loan for 10 years, then invest in SIP 5 years before taking the loan. In this, you can get an interest return of up to 15 percent. If you invest 5 thousand rupees every month for 10 years, then you will get an amount of Rs 14 lakh. With this amount, you can repay the home loan (Home Loan EMI) without any pressure.

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