Whosthat360
Advertisement
  • Home
  • Finance
  • Don't Fall into This Home Loan Trap: Insights from Mohmed Abubacker Samsudeen

Don't Fall into This Home Loan Trap: Insights from Mohmed Abubacker Samsudeen

Mohmed Abubacker Samsudeen provides essential home loan tips that you should be aware of.

Mohmed Abubacker Samsudeen,Mohmed Abubacker Samsudeen instagram,Mohmed Abubacker Samsudeen finance,Finance Expert,finance tips,finance hacks,home loan,home loan tips,whosthat360

Don't Fall into This Home Loan Trap: Insights from Mohmed Abubacker Samsudeen

Photo Credit: Mohmed Abubacker Samsudeen Instagram

Highlights
  • Mohmed Abubacker Samsudeen, a finance expert
  • He shares home loan tips
  • Dont make this home loan mistake

Are you aware that a 20-year home loan can be completed in just 13 years? This sounds too good to be true, but it does, happen! That is something that finance expert Mohmed Abubacker Samsudeen clears up for you today.

The Power of Extra Payments

Some people assume they can't do anything to reduce the time of their home loan. On the other hand, with just two or three extra EMIs (Equated Monthly Installments) per year, you can pay off a lot earlier and still save money to have financial discipline.

Let's Break It Down

This means that if you take a home loan of 25 lakhs with an interest rate of 9% for a tenure of 20 years, then your monthly EMI will come to around 22500. During the 20 years, you will be paying roughly ₹29 lakh on interest itself!

Now, the turning point: Paying an additional three EMIs each year will cost you ₹67,500 a year. This breaks down into an additional ₹5,625 per month. By doing this, your entire interest payment would be reduced to about ₹16 lakhs, which means nearly a savings of ₹13 lakhs in interest!

The Result

Lastly, you will save a great deal of interest and you will have paid off your 20-year home loan within just 12 years and 3 months. This means you'll own your home free and clear much sooner than you ever thought.

When considering a home loan, think about making an extra payment. You can end up saving a lot of money and time in the long run. Stop wasting that money and get faster on the road to being debt-free!

For the latest Influencer News and Interviews, follow WhosThat360 on X, Facebook, WhatsApp, Threads and Google News. For the latest interview videos, subscribe to our YouTube channel. You can also follow us on our WhatsApp channel.

Comments

0
  • 5 ★
  • 4 ★
  • 3 ★
  • 2 ★
  • 1 ★
Post Comment Post Comment
Advertisement

Related Influencer