How to save LAKHS on your Home Loan: Complete Guide
ฝัง
- เผยแพร่เมื่อ 15 พ.ค. 2024
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The video from 10:02 - 10:55 is sponsored by the South Indian Bank. Following is a word from our sponsor:
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In this video you will learn,
1. How Home Loan works
2. What is EMI and how it is calculated
3. Why do you end up paying huge amounts in interests and how can you save lakhs of interest on your home loan
4. The tax benefits on home loan to save at least 70000 in taxes.
5. How does prepayment work and how you can use it to bring down your interest cost massively
6. What are the recent RBI rules on home loan that will benefit you a lot.
Chapters:
0:00 Reality of Home Loan
3:29 How does EMI work?
5:37 How can Bank increase your interest rate after taking home loan?
5:55 Floating Rate vs Fixed Rate
10:02 A word from our sponsor
10:53 How to save LAKHS in interest- Prepayment
15:55 Massive Tax benefits on home loan
17:40 RBI circular 1: reset of interest rate
19:20 BIGGEST risk of taking a home loan
21:34 RBI circular 2: return of property documents
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Read the detailed article here: labourlawadvisor.in/blog/how-...
LLA Blog : labourlawadvisor.in/blog/
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Excel Sheet (download and use): link.lla.in/homeloancalculator
Pro Tip : Home Loan Rates offered to females are slightly cheaper as compared to males, and also the stamp duty charge is less than what it's charged to a male owner. So if you purchase a house property jointly with a female partner, you can save up on these costs in addition to the tax benefits :)
Divorce laws laughing at the corner!
You can also tell about bob home loan advantage scheme.
Sir personal loan ke bare Mai bhi bataye
Maine personal loan liya 5 saalo ke liye....18 lakh.... interest 😢
Kya main ispe prepayment kr sakta hu sir ???
WORST mistake
Men don't have any laws to protect them in India 🇮🇳💔
You are amongst the few creators who actually add value from their content and educate people about finances. Not like scamsters who will milk generic content into multiple videos and fool the audience into using the "sponsored" products. All the Warkoos, Akshats, Sharans, of the world are just new age salesmen backed by "interns" making content for them and promoting anything and everything as long as they get hefty payments.
Great to see you donating them.
Give LLA team Oscars for their really great content
Factsss
Bro woke up and Choose voilence 😂😂😂
Mr.Warikoo will take revenge on you in excel 😂😂😂
सर मै एक किसान हूं लेकीन आप कि बात 75% समज आ गई , इससे एक बात समज आई की हम धरती पर जीने के लिए पैदा हुए है ना की emi भरणे 😂😂😂😂
Ye sabse achha comment hai aaj tak ka
Are 😀 bhai wo sab to thik h but jine ke sath sath agar emi pay krte krte Ghar ya Jamin aapne naam ho Jaye ko fayda kisko hoga 😅😂😂😂
😅
😂😂😂
Best Line: Finance samajhna aapki majboori ban jati hai ❤
00:08 After 5 years, the outstanding loan balance should be 26 lakhs
01:58 Understand how home loans work and save lakhs on your home loan
05:47 Understanding the difference between floating interest rate and fixed interest rate is crucial for saving on home loans.
07:44 Opt for higher EMI within your income limit to save interest on home loan.
11:17 Prepayment reduces outstanding loan amount and saves interest
12:59 Save lakhs on your home loan by making pre-payments every year.
16:36 You can claim deductions on stamp duty and interest on home loan under sections 80C and 24.
18:05 Banks will now inform customers about the impact of interest rate changes on their loan
21:02 Ensure no negative amortization in the loan.
22:37 Understanding the process of obtaining property documents from the bank
Can you plz suggest me in case of aadhar housing pvt Ltd com. Because they are giving loan on rate of 10% home loan on amount 10lakh and saying to increase tenure😢😢
Give LLA team Oscars for their really great content 👌
This content is gonna help millions of Middle Class Indians !
Kudos to you Mandeep and team LLA !!
no it wont help Middle Class Indians😅 - It helps banks and that's the reason a 'Bank' has sponsored the video. Only ppl profiting out of this are the banks & this channel. This is glamourising loans. Making it seem like a good thing to have. Making it seem that you can outsmart the banks. But everything is incorrect. Pre-payments are a loss - Always! In fact, it is a bigger loss if you do it in the beginning of the tenure. Nobody calculated the opportunity cost - what if the pre-paid amount was not paid to the bank and was invested elsewhere for 19-20 years? You think 1 lakh wont turn into 3 Lakh in that period of time? It might turn into 5 or 10 L instead.. go see what would be the value of 1lk Rs. gold today if you bought it say 17-18 ys ago.... FYI it would be 10L+ in value given 2023 rates.
Certainly helped me!! ✌️
@@cooljunkyyes agree with you on the pre-payment part. I also think that loan should not be paid before time. But otherwise it is quite an informative video!
@@myselfyuvi I don't understand the part where loans should not be paid before time
@@mohsinmubarak9795 Neither did I. I hope someone clarify further.
Pure india me sabse achha aur sbse knowledge wala...niswarth channel
Important topics ko LLA ki team aaise samjha deti hai jaise yeh toh bas ek story hai........you guys doing well ❤
I actually did all this and fortunately closed my Home loan in 7 years pre diwali season. Thanks to all youtubers like you.
What's the advantage of pre diwali season
7 saal se me? Gazab congrats.
It took 3 hours for me to close my home loan in SBI including returning of my papers. I was amazed by the speed of work in SBI. 😅
Were you the only customer of that branch 😂
@@raunakranjan92 There were many people bro but for property paper collection, I was only one
Is it true that we need to pay charges to request SBI for reduction in interest rate ?
@@NeerajRaghavendra If interest rates are increased/decreased, it gets updated automatically. There is no need to raise any request and no charges for this. I'm talking about SBI and I'm not sure how the other banks work.
@@NeerajRaghavendraIf you are Eligible for lower floating rate of interest then to avail that offer you have to pay something 2500-3000. Which is one time only. I reduced my floating rate by 0.4% means even if in future Repo rate increases it increases on lower base rate.
One of the few creators who adds value to the society! Top content , great work! The LLA team deserves to be celebrated.
Mai ek commerce student hu or home loan ke bare mujhe Mota mote baat hii Pata thi , par itne details mai i think 80% people ko nahi Pata hoga.
So thank you so much ❤
Adding 3 more points here;
1. If you maintain a good cibil score you can request for rate reduction even if there is no repo rate reduction from RBI
2. In most of the cases banks will go for tenure increment rather than emi increment i.e. because it is beneficial for them as well as they have to assume that you are at same income level hence will not be able to pay higher emi, also mostly they won't give you option to switch to fixed rates it doesn't work out in real life.
3. If your bank is not reducing rates then you can transfer your loan to other bank at minimal costs like processing fee etc however it is subject to a good cibil score.
Demortgage will be required
I have changed to RBI linked repo rate just after COVID period. But presently the interest rate is 9.7% which is much higher than market rate. Though my CIBIL score is high the bank is not reducing the interest rate. Should I switch home loan to another bank.
Negotiating ROI with a bank whose was transfer without any concern of Borrower.. In this case what is the ground or base to negotiate? For example : DHFL did the scam and all the borrowers loan was transferred to ICICI without any consent!!!!
@@kaushik3995 you can switch but after processing fee .35% stamp charge and some other charge will be charged so calculate it then transfer it
@@kaushik3995my interest rate was 9.5 percent but I got it reduced to 8.4 percent by laying the processing fee of 2900 to Hdfc
Here's a small amount from the interest I saved. Thankyou ❤
😂😂😂😂
Great
How much interest did you save?
Ek hi to Dil hai kitni bar jeetoge ... LLA rocks , the most relatable content creator for Janta . Thanks
4 chizen nayi sikh k ja raha hu... Thank you so much for this!
Even a professor from top University wont explain you this simplest way about this topics. Truly you guys are the real gems , Love you LLA ❤
Let's we all appreciate the content this man and his crew makes just a masterpiece imagine what's hes gonna doing in the future...Nice bro 😢😢
I appreciate your English, You tried it well🥲👍, keep doing one day you will be expert in this.
@@SilvioDante-qg7dc Just do any scam or illegal thing otherwise make your career or build an empire. So you can avoid insurance🤣🤣
Ha behen bilkul sahi kaha.
Such a informative and eye opener video. Thanks for your efforts.❤
Bus hes ki jagah "has" likh dena.
Hello Mandeep,
I Am a Real Estate Channel Partner.
Such a good step from you all.
Every time i suggest these things to my clients,they don't address this thing with that much seriousness.
I think i failed to explain them with that much clarification .
You explain this with very good examples.
And finally you made it very easy to me ill just share this link to clients and boom they are well known about these complications...
Thanks Again.😊
You don't know how much you are helping brother. Jo kaam system ko karna chaiye vo aap jaise log kar rahe ho. Jagrug janta bananae ka. ♥ ♥
Mandeep, I was about to buy a house in the coming months. This helped massively. Salute to the channel for making things so easier for viewers like me.
Salute to the LLA team, you guys are the real heroes. I’ve seen so many people fall into the home loan trap (family members included) & they simply accept their fate by giving their hard earned money to the banks without even knowing how much they can save in interest & taxes etc. Thank you guys for creating this content & sharing it for free with the masses, we really need more people like you guys in the country.
No doubt it's a very big trap 🪤
The same amount if you infest you earn more than that interest. Think that way
Great thing is ki ye Puri video Hindi mai thi❤️
The only person in digital world whose advice I follow blindly. Mady you are awesome ❤
Thank you for the detailed content!
One thing to add here is Section 54 to save capital gain taxes on older investments while buying home.
Kudos to MMM & LLA Team for explaining Complex topics in Simpler way for better understanding ❤
So so so wonderful. How clearly you explain all the complexity. Mere jesa anari bhi samajh gya. God bless you bro.
Boss gajab bola h 🫡
I’m from finance background as CA. You have explained it simply even the layman can understand if he/she has some basic knowledge on interest/indexation.
Normal thought of people is same mai to pay kar rha hu yearly still the outstanding loan is not reduced same extent as EMI’s paid. I loved your ninja technique of interest reduction by prepaying whenever possible 🤩
Like these videos on necessary topics of life like loans,insurance etc., should be understood by everyone so that they can plan the money accordingly and sleep peacefully.
#Everyone should learn more on topics where-ever you are spending money because every penny counts of your blood & sweat 😌#
Once again Hats off to your intense video waiting to see more on other topics too lots of love from Hyderabad Bro❤️
I work in a bank and if at all a customer needs a clarification on things regarding home loan i will surely recommend this video for a better clarity to them
Thank you for the insightful and thorough analysis! It's refreshing to see a balanced perspective on promoting a bank for loans, complete with both pros and cons. Great work! 🧡
One of the best videos on TH-cam on this topic! ❤ Kudos👏🏻👏🏻👏🏻
One of the best detailed video from LLA on Home Loans 👍
Wow, this LLA video about Bank Loans totally changed things for me! It's not just a regular video-it's like a flashlight in a dark room, helping me understand finances better. The way they explain things and make me feel more confident about money is amazing. Big shoutout to the LLA team for this awesome and super helpful video!
Thanks, you give clear details and helpful explanatory examples for us non-commerce background ones. I'll always try to follow the LLA ideology of helping the people first and viewing the gains as secondary (which i'm sure if someone works as hard as you guys are sure to follow).
Waah!!!
Tussi Great ho Sir.
Dhanyawad Mahattwapurna Gyan share kiye aap. 😊
17:10 - This is most important tax saving feature that many people are not aware of, and not many tax experts talk about it!! Thanks for explaining this so clearly!!!
I don't have words to thank you enough LLA. You're among the very few genuine creators that honestly think about making people jagruk. Hats off to you and your team.
This is one of the best videos from LLA and probably the most explained Home Loan Video on TH-cam with all details possible.
Kudos to Mandeep and Team LLA!
Give LLA team Oscars for their really great content
Very clear video. No other discussion, only on main points. I appreciate . Very true video . I fully agreed. Thanks
Some of the Financial Influencers wrongly guide the people by saying not to pre-pay and close the loan.. Thank you for properly guiding us sir.
Thanks LLA for sharing such basic yet vital financial information with us.
Great content as always. Thank you @MMM and the entire LLA team for providing such informative content.
Happy Diwali 🪔
Sir jo Salute hai aapko..
Aapne Bhot hi aache se samjaya hai..
It would be very beneficial if you can compare 2 scenarios
1. Repayment
2. Instead of repayment, inventing the same amount in SIP ( consider 12%/annum before ltcg taxation)
If you can show us the numbers, then it would be really helpful to decide ( whether I should opt prepayment, or sip/equity investment)
your calculation is right but peace is important
I was looking for this view. Earlier I had decided to save for annual pre-payments, but later changed my mind. I did my calculations. After yearly pre-payments (from monthly savings) a loan of 25 years would be closed in 15 years. Then, I calculated the same monthly savings as SIP with 12% returns for 15 years (same as my pre-payment tenure), the maturity value was more than the outstanding balance after 15 years. This calculation changed my mind. I don't know whether I'm missing some factors. I hope @LabourLawAdvisor Mandeep would clear that out.
Did you consider inflation adjustment?
@@gauravverma-dl9yl nope. I wish there was a calculator that considered all these factors.
@@VecnaYTwhy would u require inflation calculation when both returns are being calculated contemporarily
Thank you LLA team for this, you guys are doing such great job to educate the people about finance with this kind of easy to understand content ✌✌
I have never watched a finance related video completely..... you have some different powers sir, huge respect ❤
This is no way for saving lakhs … in a 24 minute video only 1 minutes matches the purpose of thumbnail, hence nothing more than a click bait.
Further instead of Prepayment of Principal amount of housing loan(cheapest loan+ tax benefits on interest levied) one should invest that extra amount in MF which will give 10% XIRR in worst case scenario, hence you’re saving lakhs by earning that 2% extra not by Prepayment. Moreover XIRR can go to 15% or even more. In some cases house loan gives you a free house if you do SIP of same amount as your EMI.
So if you’re giving financial knowledge, kind dive deeper. Otherwise these prepayments are already done by 90% of borrowers.
Literally it is amazing the way you explained all the situations in such an easy manner.
Best explanation ever ... cleared all my doubts related to EMI'S and principal payment.
Thanks a lot❤
Hi Sir, you have made it so simple to understand that complex thing. I have one small request, can you please share the excel sheet which you were showing during the demo? It will be very beneficial for us to understand our own loans. Thanks in advance 🙏🏻
Can't thank you enough for this information... We need this kind of awareness and education... People in their 20's buying home with parents pressure or just to show their friends but gaining a good financial knowledge before taking such decision is eye opening.. Great work❤
our education system didn't give financial awareness
Home loan is the one of the cheapest sources of credit available. Instead of prepayment, if you are able to invest that money(eg. Index funds @ avg return of 12%) and earn at higher rate than the rate of interest of your home loan, you will be able to accumulate much higher than the interest that you would've saved. This is one of the most under-rated technique to save more and I don't understand why no influencer mentions this in their videos. More the tenure of the loan, more you will be able to save in taxes as well (assuming that income tax deductions continues to prevail through out the loan tenure)
Ultimate bro...
You solved major questions man...
Thanks a lot LLA
Thank you LLA team. You are doing a fabulous job of spreading financial awareness. You are doing a very good public service. Most of my doubts got cleared form this video. Appreciate it.
Awesome Info Bro. You are one of the best creator on finance topics and you have a GOD Gift to explain such complex things more easily. Keep it up man.
I mean wow. The content you covered is amazing. Really liked the ending statement - You need to understand finance if you are earning money.
Thank you sir for your great information. Even my accountant didn’t told me those things. 🙏🙏🙏
Highly Educational The LLA team has been performing exceptionally well, and I've been a dedicated viewer of this channel. Ever since the introduction of your mother in one of the videos, I've consistently followed every video, as they are incredibly informative. This particular video has been especially helpful to me. I've been contemplating a home loan for the past few years but lacked a clear understanding of the financial aspects. Thanks to the LLA team, I now have a comprehensive understanding. Great job!
High quality of content with so much clearity on each points.. kudos to LLA team and Mandeep ❤
Kudos bro, this is the very reason I live on heavy deposit instead of a loan.
Thank you learned more than I have learned in my whole school and college life about how theoney works....❤
Great video covering several angles and aspects regarding Loans and the simplicity in language and teaching the concept was truly wonderful. Thanks, keep going with such content team LLA👌🏻👍🏻
Much needed video, cleared most of my doubts and learned a lot too 🙌
Your videos are always very informative and easy to understand. Content is to the point and nicely presented.
Thank you so much 🙏🙏
Excellent value addition... Brilliant stuff.... Many Thanks for your efforts..!!!
So much hard work has been put in this video by LLA Team. Amazing and Thank you very much!
Superb content..I am in the process of getting home loan for the first time..I faced similar questions at my end and had to research it out to get answers but this single video collectively answered all questions!!
Thanks a lot for your hard work and awesome content :)
Very well created video explaining the finer details regarding home loans in an easy and understand language to the common man!
This is the most informative video on Home Loans that I have seen in a very long time. Really really good video👍
Highly indebted to you for this informative video. Your language, voice modulation, way of putting the things forward, everything is impeccable and makes the lecture lucid for us. Thank You brother.
Thanks a lot LLA , you beautifully covered the concept and the doubts.
This is the first video of yours that I have seen and all I can say is that Thank you
What a detailed analysis on this topic. I have also made the decision to buy a house after watching this.
Nice brother me bhi soch rahi thi home loan ke liye bas ak video me hi samj aa gaya thanks brother
Haven't watched the video while writing this comment. But I am extremely happy that you are making the exact content for which I subscribed to you. Thank you so much and keep creating such incredible content.
Wow, this was a wholesome video which summarised everything basic needed to avail and close a home loan , thanks ❤
Hey Thanks Mandeep, you really made it very easy for me to understand the whole home loan structure!
Subscribing you for more financial tips. ❤
Great video. So easy to understand, even for people not aware of finances.
One thing that came to my mind was regarding the new regulations regarding claiming the documents back after the loan.
While in normal instances banks can give back the document within 30 days, in special circumstances it can extend it up to 60 days.
It can be very easily misused by the banks to avoid penalties for 30more days, by just saying the document is missing or damaged.
This is really really great. I was always confused about the loans n interests. This video gave me a lot of clarity. Thanks a lot team LLA
Honesty and care with which the team LLA share content is remarkable.. thank you to all the hardwork... Becuase of your content I was able to choose amazing health and term policies.
Thanks , I cant contribute money but Appreciate the one who do for such great content
Thank you so much❤
@@charanpreetsingh1902no worries sir, just your appreciation is more than enough ❤
@@LabourLawAdvisorplease make this video in English, I'm from South region
@@LabourLawAdvisor@LabourLawAdvisor do share one Excel where we can put change of interest in that and calculate and compare bank's calculation. I have all the emi record and asking bank to share when they have changed my interest but it's very hard to put and calculate the calculation.
I'm planning to buy a house. This is really helpful and informative. Thank you so so so much for this!
सर लोन के चक्कर में हम मीडियम इंसान ही पीसते है
11:00 My family used this technique for pre-payment. We knew this mechanism but I always wondered why nobody talks about this concept on social media and Finally here it is .
This is no way for saving lakhs … in a 24 minute video only 1 minutes matches the purpose of thumbnail, hence nothing more than a click bait.
Further instead of Prepayment of Principal amount of housing loan(cheapest loan+ tax benefits on interest levied) one should invest that extra amount in MF which will give 10% XIRR in worst case scenario, hence you’re saving lakhs by earning that 2% extra not by Prepayment. Moreover XIRR can go to 15% or even more. In some cases house loan gives you a free house if you do SIP of same amount as your EMI.
So if you’re giving financial knowledge, kind dive deeper. Otherwise these prepayments are already done by 90% of borrowers.
A true Appreciated Content made LLA. Thankful to You. ❤
Very well done. very well researched and articulated. great setup. keep going
As a 22 year old guy, I have a new fear unlocked. At first, I did not understand much of this Loan thing going on but, after understanding this, It is essential that I must do whatever it takes to save enough money to repay a loan in case if I EVER TAKE ONE.
Also, I would like to know that how did the people survive the loan repayments when they lost their jobs in Covid 19. This is because, when the entire economy (including businesses) came to a halt.
This content was resourceful and I need to be aware of almost everything before I take the next steps of my middle class life.
Thank You Manjeet for such a valuable content. I always learn new and valuable insights from you and the LLA team. Thank you for such a great content. You guys are educating the youth and also positively impacting the people of this country. You guys are the real heroes for me!
More power to you and your team sir !
This video is crazy specially prepayment with floating rate. I just loved it. Thanks a lot sir.
Respect ++++
While watching this video I thought of touching the like button 3-4 times and every time i saw it was already liked! Thanks for this valuable video.❤
LLA is AMAZING! ❤❤
Seriously, these videos are life changing and eye-opening at the same time. Much appreciated. Keep up the good work!
Excellent content as always! Thanks for educating us all.
Truly Best video on Home Loans. Brief Information with live examples.
Best Video to share with Loan Seekers.
Best message Jago Grahak Jago
Kya baat hai💯💯💯💯💯
Ekdum jhakkas knowledge 🙏🏻🙏🏻💯💯💯💯💯💯
FYI for anyone who thinks prepaying an extra EMI will help, some banks have a minimum limit of prepayment wherein the prepay amount should be more than or equal to 2 EMIs. Please take this into consideration before making any decisions or confirm from your bank.
THANK YOU SIR for such an informative video. But one thing you forgot to mention is that for prepayment of the loan amount you have to ask the bank to take the prepayment amount as principal. Because in the case of a prepayment bank will take this as normal repayment which will cause the overflow amount in the loan account.
To be very honest I never comment or like TH-cam channel but you really deserve
बहुत अच्छा और एजुकेशनल वीडियो हैं सर,, इसे एक बार अपडेटेड जानकारी के साथ पुनः बनाए pls
Thank you a ton Sir! Despite knowing all and every facet within the video, it hardly went into implementation. After watching this, it surely led to a clear picture worth doing it in whole sense. ❤
Hey labour law team!
Thanks for bringing such detailed insights ! Could you also please make one video related to education loan too?
Thanks
Give LLA team Oscars for their really great content
Realy useful. 10 out of 10 for clarity👏👏👏👏