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₹50 Lakh Home Loan? This Trick Can Save You Lakhs!🤯 Analytics Table
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About ₹50 Lakh Home Loan? This Trick Can Save You Lakhs!🤯
Explore ₹50 Lakh Home Loan? This Trick Can Save You Lakhs!🤯 with 106,850 views, 1,385 likes, and 36 comments. Experience the impact of this video content that has captured audience attention.
Paying one extra EMI every year may not sound like a big change, but over a long home loan, it can make a significant difference. In the initial years of a home loan, a large part of your EMI goes towards interest rather than reducing the principal. So when you make an extra payment towards the loan, it directly reduces the outstanding principal. For example, on a ₹50 lakh home loan at 8.5% for 20 years, you could end up paying around ₹54 lakh in interest if you continue with regular EMIs. But by paying just one extra EMI every year, you can reduce the total interest significantly and also finish the loan several years earlier. The key is that the earlier you reduce your principal, the less interest gets calculated on it in the future. Follow @zero1byzerodha for more such content. [home loan, EMI, extra EMI, loan repayment, interest, personal finance] Automation Link -What are Banks Hiding in ZERO EMI Schemes? - YouTube
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