Save LAKHS while paying off LOANS! | Ankur Warikoo Hindi
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- Опубліковано 9 лют 2024
- This video comes with notes, check here: bit.ly/3I1gjs1
Download the Excel sheet here: bit.ly/3SHjxqu
When it comes to managing your loans, the question of whether to reduce your EMI or loan tenure can be a tricky one. In this video, I provide a comprehensive approach to understanding the impact of various pre-payment strategies on your overall interest payments and loan duration.
I'll walk you through the intricacies of managing your home loan, emphasizing the significance of early and substantial pre-payments. By the end of this video, you'll have a clearer understanding of how different approaches can help you save on interest and potentially pay off your loan faster.
Don't miss out on this valuable insight into effective loan management. Join me as we explore the options and strategies that can make a significant difference in your financial journey.
#loanmanagement #homeloan #warikoo
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My bestselling books:
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My gear for shooting this video:
🎥 Sony a7III camera: bit.ly/3M42wAV
🎬 Sony FE 24-70 f2.8 Lens: bit.ly/3KCCiF0
🎙 Shure SM7B Microphone: bit.ly/3O1NAVA
🔆 Fill Light 60W: bit.ly/37aJolP
💡 Key Light 150W: bit.ly/3O9nyjs
📽 Benro IT15 Tripod for Sony a7III camera: bit.ly/3O4PvJ1
Useful links:
20 books for your 20s: bit.ly/WarikooBooks
20 online courses for your 20s: bit.ly/WarikooOnlineCourses
Gadgets that I use: bit.ly/WarikooGadgets
The above links are on Amazon.
If you buy any of these using the above links, I stand to make affiliate income from it. 100% of this income is contributed towards the education of kids who cannot afford it. In 2021 we contributed 38L and in 2022 we contributed 53L.
appreciate you a lot
Link of excel ??
Excel link??
excel link is not working
Banks will hate you for this 😂
I remember I pre-closed my “first car” loan which I took from SBI. I prepaid by any amount (whatever was possible). I didn’t do any such calculations, my simple funda was: if I cannot grow my assets by 8.5%, I will not let my liability to grow in that same rate. 😊 Young professionals are lucky as they have these videos to understand finances.
Was it paid early bro ?
u can easily grow asset by 10%
Course cancel kaise kare bhaai 😢
Loss for older one as these kind of vedios were not there earlier.
Same pinch 🤏
Nobody explains it better than Mr Warikoo. Thanks for the content. Have been learning a lot !
Thank you so much. I had been trying to understand this myself, this video will help me clear my home loan
Today i collect some new knowledge....❤❤❤❤
Thank you sir❤❤
Ye hui na baat . Awesome calculation sir. Maza aa gaya.
So effortlessly and swiftly you have communicated such things deeply.. Truly appreciated and inspired.!!!!!
When I need to refer any point from your video, I can just browse and in just a second I can get what I need, don't have to wait on an ad when I'm actually in a rush. At times when ads pop-up while browsing important financial stuff, it is so annoying.
Thank you for not monetizing youtube. You are amazing.
That is why you purchase UA-cam premium 😂
Thank you sir for giving valuable information. I will try to do same practice.
Warikoo ji.. you explained it so nicely, that even a common man can understand and execute. thank you so much for all your help. This helped me plan my finance better. God bless you.. and lots of love.
I adopted this for my Second Home loan and it worked fabulous. Thanks Warikoo 👍🏻
love you sir for providing free financial knowledge which is necessary to each and everyone especially 20's
Thank you Ankur Sir. I recently took a home-loan and this really helps me :)
My formula is to keep pre paying and reduce tenure(not EMI) until principal part becomes same as the interest part in EMI. So far i have saved 9 lakhs interest payment with 2.5l prepayment.
Thanks to Warikoo in one of the previous videos, he shared one excel sheet to calcualte and decide whether to do lumpsum investment or to prepay loan
I have been following you sir for couple of months. And thankyou for this information
I literally got something new to learn...and it's valuable...thank you sir
I was under this dark cloud and can see some light now. Thank you sir
The way you explain the things to people is simply amazing. Simplicity is also seen the way you have been handling your followers all these years. Even a non-related person to any subject will be able to understand the video's well. On top, you also share the ❤notes❤ is simply amazing, ❤sir.
Thanks my home loan emi is starting frm next month and this will help me alot... Thank you
The key takeaways are:
a.) When "compounding" takes on with "compounding" it is only "break-even" that is left as a result.
b.) The additional EMI or increased EMI amount that we pay to the bank in the initial months is "valuable" money vs. "invaluable" or "devalued" money that we keep paying till the term ends (due to inflation).
So, it's a matter of choice what route you wish to go.
If you think you could have invested that extra (valuable) money that you've saved (by not paying to the bank in the initail months) & could have earned more "compounded" profit out of it (compared to what you would have paid to the bank), then yeah that's your call.
Otherwise, it is always a better idea to pay that money to the bank instead to close your loan early.
Nevertheless, excellent content as always! Thanks for dedicating time to record this and share with the audience!
Great explanation on confusion between pre closure of loan vs Investing that same money. 👍🏻
Can you also explain any preferred tactic on how to deal with Banks when the interest rates increase due to changes in repo rate. While I continue to add an additional monthly amount, my tenure keeps increasing increasing. My monthly EMI remains fixed.
@@anuragnigam Although, Im not very sure about it. This may vary bank to bank. But you can ask your bank to fix your interest rate by paying a fixed amount of money. Your interest then turns from floating to fixed. Additionally, the rates are expected to fall in the 3rd quarter this year, anyway. Due to various economic factors. No financial advice, though.
@@anuragnigamif your bank is private like indiabulls, shri ram finace plzz transfer that to any govt. bank . my father was also scammed by indiabulls bcoz they kept on incresing loan tenure every year.. but after transfering to pnb housing loan tenure is same from 2 years..
Thank you so much Ankur Sir this will really help many borrowers
Important Knowledge For Every Person Who Took Loan
Thank you so much for making this vid with such ease of explanation. Excel sheet helped too 😃😃
Thanks you. It's a great video and very helpful tool. Loved your previous version of the tools (EMI Calculator, Payoff vs. invest). In the scenario of a home loan for under construction property, loan amount is distributed in tranches for the period of construction thereby changing the loan amount and the EMI for the first few years (2-3 yrs or so). I would love to see how can that calculation be included in the next iteration of this tool :) As always grateful to your contribution and teachings on personal finance.
Thank you i have already started my journey to save lacks
what a wonderful video. Thanks Ankur!
I wish I could know such things 5Y ago when I took car loan.. I was able to repay much of it early but at its last leg.. Past is past, I will use this knowledge for quick repayment of my home loan that I'll be starting soon. Thanks Warikoo ji.
This was very helpful! I recently made a pre-payment for my car loan and now I got to verify the maths with this Excel Sheet.
One missing parameter was that, my bank imposed an additional charge on pre-payment which was about 3% of principal. Not sure if the scenario is same for Home Loans.
That'll happen if you foreclose the loan, not on prepayments I think.
That's for sharing your thoughts and wonderful finance manging skills and experience.
Thank U a lot Sir.
I will plan accordingly
Best video for understanding, how to make loan payments efficiently ❤❤😊
This is the kind of content that NEED to go viral.
Thanks for uploading this video. It was very easy to understand with examples in excel.👍
Love the way you explained the calculations transparently and fairly. Also a big fan of channel cause of not being a sponsored channel with ads or asking for details to download sheets for use. BIG SALUTE FROM THE BOTTOM OF MY HEART SIRJI.
I would thank you for helping me in understanding and saving some money... I saw your same video earlier... Thanks again and my best wishes with you.
Very informative
Looking forward to to take a home loan from bank and i am gonna use this formula
Thanks a million sir. This is definitely gonna help me to achieve my goal.
❤❤❤Love you, this video was really amazing. Thanks for sharing such an amazing trick
Thank you sir... For explains this content in common and better way .... Now i am going to pay pre-payment for my loan.... It id really valuable information.....
I am looking for this type of video. And I got what I wanted to see. Thank you Sir. It is really cleared all my doubts. Now I can go for what I want to do. ❤
To obtain financial freedom, one must either be a business owner, an investor or both, generating passive income particularly weekly or monthly basis. That’s the key to living financially stable.....
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
imagine investing in Btcoin earlier.... You could have been a multi millionaire precently
@@thylda7877 You are right. Been thinking of going into gold and cyptocurrency
Assets that can make you rich
*FX
*Btcoin
*Stocks
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You’re right but a lot of people remain poor due to ignorance
This was much needed. Very much useful than previous sheets. Thanks @warikoo
Hey sir, I really love your content especially when you demonstrate it through Excel for someone to walk through the impact. In reality, the interest rates keep on changing since loans are usually on a fixed lending rate for initial years. Can you please make a video where you share an excel trying to include floating interest rate after years, which I believe would really be really helpful.
Ankurji thank you for your simple way to explain intelligent and complex things especially about finance without losing focus and key things ....very grateful for your selfless service...😊
Thanks a lot🙏 for the effective explation sirji, found it very simple to understand.... We got a clearity and confidence to repay our loans by saving our heard earned money and time . And the exel file was very much usefull... Thanks again
You made such an informative and helpful video right at time. When I am looking ways to pay off my loan as soon as possible. The biggest Q was reduce EMI vs reduce Tenure?, you solved it for me. Thanks sir.
You are simply awesome…thank you for all the great work you are doing… 🙏🏻
Thank you so much for informative video
Sir really u changed my life my loan interest reduced thanks
Very informative kudos to u
Really great helpful video. It's mind-blowing
Great video to understand how to save money on loan repayments. 🙏🏼🙏🏼👏🏼👏🏼
Thank you. But there is a prepayment charges which needs to be calculated as well.
What a simple yet GREAT content ! Specially that point when one pays extra EMI amount every next year.
Thanks Wariku sir. Sir, you are looking frail. Best of Luck.
Thank you so much for such valuable information 🙏
Very nice idea ... once again Thank you
I was 100% sure that after finish watching this video , there won't be any such excel link in the description .And see that's exactly it is 😄
Thank you for this knowledge content 🙂
First time it felt like the video was super useful
Thank you, Ankur Sir for detailed video. Although, this is an incomplete video. There are 2 more scenarios that are in the reduced EMI Option. 1) Additional Reinvestment of the reduced EMI amount in the Loan Principal Amount 2) Investment of reduced EMI Amount in equity market (Stocks / MF) at ~12% return.
Also, even if we ignore all of this the amount saved in EMI should also be added in the amount saved in addition to interest. I Agree that this might be less than the Reduce Term option but will provide better clarity to all your viewers. Let me know if I am missing any point in understanding this. Thanks.
That’s a great point. Missed this.
I believe, Ankur was focusing more on the EMI reduction so in that point of view - this is a great video. Ultimately, maximum people who are paying EMIs - don't have additional money to invest so better to re-pay once they have some additional amount which saves lakhs of interest :-).
Sir both points are valid but I still think point no 2 is good to go... Plz make video about it....
I have started my home loan recently and got a helpful video to save money in future🙌
The concept of 10% increase in EMI is a very smart option but we have to understand bank has made certain EMI beyond which you cant increase EMI. So please consider that in your calculation aheet
Thanku so much ❤..it really helped
Hi very informative video thanks for such a content
Thank you Sir for guidance
One of the most effective strategies for managing loan repayment is to prioritize prepayment when faced with surplus funds. The rationale behind this strategy is straightforward: if the return on investment (ROI) from alternate uses of the surplus funds is lower than the interest rate associated with the loan's EMIs, it is financially prudent to allocate those funds towards reducing the loan principal.
Ex.
Let say you have a loan at 8% Interest rate per annum.
If you have ₹1,00,000 surplus fund, try to generate more than 8% (₹8,000) income per year from them. If you can't do so, always pre-pay your loan first!
classes.....keep it up sir! all the best !
Much needed and excellent content
Amazing guidance sir❤
Thank you @warikoo. This excel sheet I have been looking for quite some time now. This is really very helpful.
Thanks again!! 👍
Mera download nhi ho rha plz help
I'm not able to alter any information it says Read Only option is active??
Helpful calculator. Thanks.
Amazing informative video Ankur, thanks a lot for this video.
Thankyou so much sir great video💗
Superb info...thnx bro
Lagta hai sir ne mera comment maan liya thank you sir.....
Easiest way to explain 👌👍
Very nice Video sir. I wish our education system teaches us this stuff which is useful in real-life instead of all the useless stuff.
Really nice work 🎉
Excellent sir my mind was block good information
You guys are amezing. You saved my lakhs of money. My soulmate who shared the video to me & Amezing you. My heart is thankful for both of you. ❤
Great video Ankur sir...
Sir i have lot respect for you because you are the only creater who actually sloves problem. My parents just planning to buy a house but as my parents are old and they don't know much about finance things so it always been a my responsibility to know which thing will work best for us through your video i gather really important information about finance and life I'm just 19 years old but because of you i understand one thing very early in life is if i wanna be someone who improve his life first i have to fix finance.( I don't know if you gonna read this but you mean a lot sir😊.)
A perfect excel sheet to reply upon for payment strategy. Also, could share the alternative Pre-Payment Strategy sheet as well? Thank you Ankur.
Thank you sir, best trick
Sir mind-blowing plan❤
Same thing how can reduce car loan also please make a video.
One thing needs to be considered if the rate is variable then the bank keeps on increasing interest rates in 25 years according to inflation. For eg 8 % rate will increase to 9 %.In this case even if we are reducing emi bank is balancing it with an increased rate.
Yeah variable interest rate works differently
Wonderful Sir😊😊😊😊. Absolute help for me 🙏🙏🙏🙏🙏🙏🙏
Iske maze hi maze …
Wow brother
You rock
Thank you so much Sir, very useful 🙏👍
Sir please a video on comparison, when we reduce emi and put extra money on sip
Then what will happen and also compare with reduce time and extra money put in sip
It’s very very useful and super easy to handle. I was searching this kind of excel in internet and I was only getting calculator. Thank you @warikoo
Good job sir ,I follow u r rules.
Also there is one catch while doing partial payment.
I did partial payment of Rs.50000 , Rs.24 is interest of the day while I gone to bank on first day of the month. So executive told to make cheque of Rs50024 instead if Rs.50000 .So Total EMI reduced - 6 months.
Next month I again went to bank 1st day of the month and did partial payment of Rs.50000 so bank took the interest from Rs.50000 and added Rs.49976 to principal and so bcz of Rs.24 difference only 5 EMI reduced.
Sir you are best. I am so happy. I go your way. Mostly i m so happy. 😮😮😮
Thank you a lot sir your video was really helpful
This is such a great video and a eye-opener to save our hard-earned money from loans. Thank you tremendously for making this video and sharing the spreadsheet. :)
Thankyou so much sir for fantastic video.❤❤
The cell of interest rate is not taking any float value. It is automatically rounding off to nearest integer!
WOW!! I liked this idea of every year 1 EMI extra and I was also thinking what will happen if we do 2X instead of 1X per year and you did it :-) nice coincidence
Sir aap har bar calculations to bta dete ho but 1 video iske process ki bhi bnao jo sbke liye bank process smjhne m or aasani kre