Home loan of Rs 30 lakh: Getting home loan is very effectful for those who want to purchase their own house. Banks and financial companies are providing multiple home loan facilities to their customers according to their eligibility criteria. A normal reason can easily get up to 30 lakh home loan from any bank for up to maximum 20 to 25 years tenure. However banks are charging interest rates which may spent more than the loan amount from your pocket to the bank during the 20 year tenure of repayment. So today we are discussing with you are unique technique which can reduce the interest rates burden on you for home loan and it will help you to apply for home loan without interest rates.
Interest rates on Home loan of Rs 30 lakh
Most of the companies are charging home loan interest rates from 8.75% to 15% or more according to the condition of the customer. If you are applying for personal loan for up to 30 lakh for next 20 years on 8.75% annual interest rates then the actual cost of the interest rates will be more than the double of principal loan amount. However if you apply for SIP plan then it will overcome the burden on you to repay additional amount to the bank for home loan.
8.75 interest rates will double of the loan amount
Assume you are getting 30 lakh and have to pay 8.75% interest rates, Then you have to pay more than 26000 rupees per month to the bank. So at the end of the 20 years after getting a home loan you have to pay approximately 33,62,000 Rs. interest rates only to the bank, while if we compare this money to the loan amount then it is 3.6 lakh extra from the actual amount. So if you combinedly calculate the whole amount which you will pay in the EMI from the starting of the loan till the end of 20 years you have to pay a total of 63,62,640 Rs. So it is very high and will increase the burden on the borrower to repay the loan amount. So most of the citizens who want to get home loan for a long EMI are searching minimum interest rate scheme for home loan for other techniques which may reduce the impact of higher interest rates on home loan.
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SIP plan for reduce the burden of Home loan of Rs 30 lakh interest rates
The systematic investment plan is introduced by the banks to provide the opportunities to their customers to invest in the stocks and share market. SIP plan is enabling them to invest on monthly basis while other stock investment plans are asking whole amount at one time. HDFC Bank ke providing HDFC SIP plan to their customers where you can get up to 17% interest rates on your investment. If you invest in 2003 rupees in HDFC investment plan per month for upcoming 20 years, then you will get 17% interest rates annually on your investment. However we are combining this scheme with the home loan scheme so if you are applying for home loan for next 20 years then you can apply for HDFC SIP plan for upcoming 20 years too. So at the end of completing the 20 years of investment in the HDFC SIP Plan, you will get 33,62,640 Rs. From the bank as a return of your investment. However it is equivalent for similar to the interest rates which you will pay during the home loan EMI of 20 years. So once you get back the amount of HDFC SIP plan after 20 years it will reduce the burden on you which you have paid during the submitting EMI of home loan.
