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 :)
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.
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😢😢
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
Thanks, Mandip! This is like a treasury of Financial Knowledge that you just cracked open for your audience so a small token in return from my end. Appreciate it! Ladies & Gentlemen, Mandip for Finance Minister ;)
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.
@@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!
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.
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).
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.
@@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.
About time i was planning for a home loan. And this is gold for beginners like us. Can you please share the Excel sheet you have created to calculate prepayment of EMIs ?
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 ❤
80 ? bro tuje lagta hai 20% logo ko pata hai ? that's a bold assumption. even smart people are often uneducated on these matters simply because they are unaware. like i know some seriously smart people and if you tell them to do these calculations they can do these in under 30 mins but they don't think about these things because they simply do not know about them. awarenes is underrated
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.😊
🎉🎉🎉 Thank you bhai mera bhi 30lakh ka tha 20 saal ke liye per ab 9.1% ho gaya toh 22saal tenure ho gaya. Me do saal already pay kr chuka ho. Or ab 20 ko 22 hote dekh meri fat gai thi, Me jaldi se repayment kr raha principal amount ki. Thanks for explaining it simply and easily. Good work to you and your team..❤❤❤❤❤❤
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.
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!!!!
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.
This is one of the best videos from LLA and probably the most explained Home Loan Video on UA-cam with all details possible. Kudos to Mandeep and Team LLA!
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!
आपने बहुत अच्छी जानकारी दी, मैं ने भी 8 लाख pre पेमेंट करके काफी सारा पैसा बचाया है पर मैं ये बात सबको बता नहीं पाता था अब आपका वीडियो शेयर करके सबको बता पाऊंगा आपका बहुत बहुत धन्यावाद
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.
One more point- if you have multiple home loans(may be one 2-year old and another 10-year old), it’s better to prepay for the newer loan as that will have more interest payment per month.
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.
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.
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)
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.
@@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.
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! 🧡
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❤
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.
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!
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 :)
@@manojmore1878I'm a RM for mortgages you can do it, most bank RMs don't know how mortgage products work they are generalists, we are specialists in this.
@@knight396doesn't work that way, when you choose to step up the EMI you can choose to reduce the tenure so the EMI amount increased directly impacts the principal amount.
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 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.
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.
We had taken home loan 64 lakhs 2022 July@7.05% with an EMI 56000, but after paying for 28 months same outstanding they're showing as on day one no information was given by the bankers That repo rates have changed ¤t ROI is 9.2%
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 🙏🏻
Please make a video on: 1. How to decide whether to construct a house or buy one? 2. How to plan if buying a house? 3. How to plan if constructing a house?
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.
Can you please share excel sheet that was presented in your description . It will help us to play with numbers and take informed decision accordingly. Thanks for this great input.
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!!!
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!
You have no idea how helpful this video was. I have taken a home loans and paying the EMI since last 5 years mindlessly. I'm going to start pre paying 1L every 6 months and try to finish this loan off ASAP
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. ❤
Thank you for the informative video with the detailed explanation. However, I have a question about what to do when the repo rate decreases. The bank insists that to lower your interest rate, you need to pay a fee for making this change. They never request any fees when increasing the rate, but when it comes to reducing it, they always impose a charge.
Generally banks do not charge to decrease the interest rates .When the repo rates go down, the interest rates naturally goes down. If you are unsatisfied with your lenders services, you can opt for a balance transfer. Contact us for further guidance.
This vedio is very helpful for me because just within few days I will go to get home loans now I have cleared all of imp things. Thanks for the information 😊🙏🤝
Sir can we take 80CCD(1b) additional ₹50,000 Kyuki yes 80c , 80ccc, 80ccd(1) = ₹1,50,000 So if 80CCD(1b) is allowed then we can extend it upto around ₹200000 and then u/24(b) max ₹200000totalling ₹4,00,000 And ig your partner or any person is combined then ₹800000 additional ₹100000 savings Is that possible?? 23:24 Edit:- Another doubt sir agar property documents agar kisi reason sa kho gye to new paper banane ka kharcha kon bear karega And if after 60 days bank fails to paper processing expenses are also included in that ₹5000/day charges
Hi Mandeep - is these RBI guidelines are applicable to housing finance co. As well? Any specific points to consider while taking loans from housinh finance companies instead of banks ?
RBI guidelines apply to housing finance companies. The specific points you should consider are, when taking loans from HFCs you should compare interest rates, assess processing times, review specialized loan products, evaluate customer service, and research the reputation and credibility of the HFC. Contact us for further guidance.
मेने 10 लाख का लोन 15 Years के लिए लिया था.... हर महीने 5-10 हजार बचा के साल के end में में लाख की रिपेमेंट करता था...इस prepayment की मेथड से मैने अपना लोन 5-6 साल में खत्म किया...❤
Prepayment saves interest but what if this 1 lakh used for prepayment is invested at 12% compund interest. It will churn 10.54 lakhs in 20 years whereas it is saving only 3 lakhs in interest. Pls guide. Lots of appreciation and applause for creating thought provoking content that India's youth should consume ✌️
Sir u are doing great job educating lakhs of people about doing financing in the right way. I am very much thankfull to you. This should have been taught in our schools but ... Pls keep doing your work. India needs people like you. May god bless you with all happiness in the world.
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 😂😂😂
Here's a small amount from the interest I saved. Thankyou ❤
😂😂😂😂
Great
How much interest did you save?
Now I'm very clear about These concepts
1)Repo rate
2)emi n floating/fixed interest rates
3)pre-Payment
❤️🙏🏻🇮🇳🥰
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 😅😂😂😂
😅
😂😂😂
ठिक है, तो एक काम करे . . . आज के बाद कोई कर्जा ना ले . . . कोई कर्ज नहीं तो कोई emi नहीं . . .
Best Line: Finance samajhna aapki majboori ban jati hai ❤
Thanks!
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.
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😢😢
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❤️
Pure india me sabse achha aur sbse knowledge wala...niswarth channel
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
Thanks, Mandip! This is like a treasury of Financial Knowledge that you just cracked open for your audience so a small token in return from my end. Appreciate it! Ladies & Gentlemen, Mandip for Finance Minister ;)
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.
Maine bhi 2.50 lakh prepay kar k 5 years Kam kar liya aur 12.50 apx intrest kam hua
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.
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).
Thank you for making this highly informational video
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.
About time i was planning for a home loan. And this is gold for beginners like us. Can you please share the Excel sheet you have created to calculate prepayment of EMIs ?
Bro, you can use some websites to calculate these things. It might help.
Thanks for the valuable info
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 ❤
80 ? bro tuje lagta hai 20% logo ko pata hai ? that's a bold assumption. even smart people are often uneducated on these matters simply because they are unaware. like i know some seriously smart people and if you tell them to do these calculations they can do these in under 30 mins but they don't think about these things because they simply do not know about them.
awarenes is underrated
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.😊
🎉🎉🎉 Thank you bhai mera bhi 30lakh ka tha 20 saal ke liye per ab 9.1% ho gaya toh 22saal tenure ho gaya. Me do saal already pay kr chuka ho. Or ab 20 ko 22 hote dekh meri fat gai thi, Me jaldi se repayment kr raha principal amount ki. Thanks for explaining it simply and easily. Good work to you and your team..❤❤❤❤❤❤
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 ❤
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
Very clear and simple with complete explanation given by LLA on a home loan, please watch this video before taking the home loan.
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 🪤
Give LLA team Oscars for their really great content 👌
Puri video dekhne ke baad mujhe ye realise hua ki mene ese hi prepayment karke apna home loan 3.5 years me complete kar diya
This is one of the best videos from LLA and probably the most explained Home Loan Video on UA-cam with all details possible.
Kudos to Mandeep and Team LLA!
Give LLA team Oscars for their really great content
One of the few creators who adds value to the society! Top content , great work! The LLA team deserves to be celebrated.
Ek hi to Dil hai kitni bar jeetoge ... LLA rocks , the most relatable content creator for Janta . Thanks
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.
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!
आपने बहुत अच्छी जानकारी दी, मैं ने भी 8 लाख pre पेमेंट करके काफी सारा पैसा बचाया है पर मैं ये बात सबको बता नहीं पाता था अब आपका वीडियो शेयर करके सबको बता पाऊंगा
आपका बहुत बहुत धन्यावाद
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.
One more point- if you have multiple home loans(may be one 2-year old and another 10-year old), it’s better to prepay for the newer loan as that will have more interest payment per month.
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.
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.
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.
You guys are contributing directly to the growth of country by educating the aam janta about financial literacy.
Kudos to MMM & LLA Team for explaining Complex topics in Simpler way for better understanding ❤
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.
@@GeckoCODMwhy would u require inflation calculation when both returns are being calculated contemporarily
Thanks
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.
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 🪔
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! 🧡
Thank you dost.. maine abhi abhi loan liya hai.. abhi se monthly 2-5k monthly extra bharna shuru karunga..
Important topics ko LLA ki team aaise samjha deti hai jaise yeh toh bas ek story hai........you guys doing well ❤
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
Probably the only video on Indian home loans you'd need to watch to know the needful on the subject!
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.
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!
Thanks.. Can I get the excel sheet in which you were doing calculations?
So much hard work has been put in this video by LLA Team. Amazing and Thank you very much!
A true Appreciated Content made LLA. Thankful to You. ❤
I am blessed to working in sbi, as i got 35 lakh staff home loan just @5% SI ..... with 20k EMI
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 :)
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. ♥ ♥
thanks to RBI and SEBI for regulating and making policies fair to customers. Very informative vedio
LLA is AMAZING! ❤❤
Seriously, these videos are life changing and eye-opening at the same time. Much appreciated. Keep up the good work!
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
Bhai kya chumma baat boli hai aapne ❤❤❤❤❤ me to tension mai aagaya tha ki 40L k loan pe 60L ka interest dene k liye😢
Also we can increase the emi by monthly suppose 10 percent in which above case becomes 2500-2800 extra. That will also give a greater impact
will bank allow to do that , did you tried personally , i asked RM , but she denied to this as they is no such rule to do it
no that would not work as higher proportion of emi at starting only goes to interest ... rather go for extra prepayment
@@manojmore1878I'm a RM for mortgages you can do it, most bank RMs don't know how mortgage products work they are generalists, we are specialists in this.
@@knight396doesn't work that way, when you choose to step up the EMI you can choose to reduce the tenure so the EMI amount increased directly impacts the principal amount.
Bank cannot do that, but you can pay higher amount through net banking or mobile banking.
Thank you sir for your great information. Even my accountant didn’t told me those things. 🙏🙏🙏
Ek hi dill hai kitni baar jeetoge❤
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 ✌✌
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.
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.❤
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.
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.
We had taken home loan 64 lakhs 2022 July@7.05% with an EMI 56000, but after paying for 28 months same outstanding they're showing as on day one no information was given by the bankers That repo rates have changed ¤t ROI is 9.2%
Which bank is offering home loan at 7.05 Interst rate?
@@sniperfriend155 Was offering in 2022 not now.
Much needed video, cleared most of my doubts and learned a lot too 🙌
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 🙏🏻
Please make a video on:
1. How to decide whether to construct a house or buy one?
2. How to plan if buying a house?
3. How to plan if constructing a house?
4 chizen nayi sikh k ja raha hu... Thank you so much for this!
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
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.
Can you please share excel sheet that was presented in your description . It will help us to play with numbers and take informed decision accordingly. Thanks for this great input.
I need this too and please share web site used for emi calculation
@@lalitsuthar6888you can get an EMI calculator through any banking app or can search directly from google as well.
Excel Sheet (download and use): link.lla.in/homeloancalculator
@@LabourLawAdvisor thank you ❤
Sir prepayment ka koi percentage he ya hum kitna vi amount prepay karsakte he. Please answer
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!!!
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!
Excellent content as always! Thanks for educating us all.
You have no idea how helpful this video was. I have taken a home loans and paying the EMI since last 5 years mindlessly. I'm going to start pre paying 1L every 6 months and try to finish this loan off ASAP
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. ❤
More power to you and your team sir !
Live life without any tension.. Home loan gives a mental pressure.. Enjoy life
Who is watching this video after availing home loan 🤣
😂😂
I am watching before availing loan
Me too
Thank you for the informative video with the detailed explanation. However, I have a question about what to do when the repo rate decreases. The bank insists that to lower your interest rate, you need to pay a fee for making this change. They never request any fees when increasing the rate, but when it comes to reducing it, they always impose a charge.
The charge belongs to new agreement and documentation
Agreement and documentation charges are also there while increasing rates...
It is just make to customer fool.. bank do this just to make their profit...
Generally banks do not charge to decrease the interest rates .When the repo rates go down, the interest rates naturally goes down. If you are unsatisfied with your lenders services, you can opt for a balance transfer. Contact us for further guidance.
This vedio is very helpful for me because just within few days I will go to get home loans now I have cleared all of imp things. Thanks for the information 😊🙏🤝
Sir can we take 80CCD(1b) additional ₹50,000
Kyuki yes
80c , 80ccc, 80ccd(1) = ₹1,50,000
So if 80CCD(1b) is allowed then we can extend it upto around ₹200000 and then u/24(b) max ₹200000totalling ₹4,00,000
And ig your partner or any person is combined then ₹800000 additional ₹100000 savings
Is that possible??
23:24
Edit:- Another doubt sir agar property documents agar kisi reason sa kho gye to new paper banane ka kharcha kon bear karega
And if after 60 days bank fails to paper processing expenses are also included in that ₹5000/day charges
what is your work? that much knowledge
@@ravikoshiya1304CA
Hi Mandeep - is these RBI guidelines are applicable to housing finance co. As well? Any specific points to consider while taking loans from housinh finance companies instead of banks ?
These rules will apply to all entities regulated by RBI.
RBI guidelines apply to housing finance companies. The specific points you should consider are, when taking loans from HFCs you should compare interest rates, assess processing times, review specialized loan products, evaluate customer service, and research the reputation and credibility of the HFC. Contact us for further guidance.
मेने 10 लाख का लोन 15 Years के लिए लिया था.... हर महीने 5-10 हजार बचा के साल के end में में लाख की रिपेमेंट करता था...इस prepayment की मेथड से मैने अपना लोन 5-6 साल में खत्म किया...❤
सर लोन के चक्कर में हम मीडियम इंसान ही पीसते है
Prepayment saves interest but what if this 1 lakh used for prepayment is invested at 12% compund interest. It will churn 10.54 lakhs in 20 years whereas it is saving only 3 lakhs in interest. Pls guide.
Lots of appreciation and applause for creating thought provoking content that India's youth should consume ✌️
Sir u are doing great job educating lakhs of people about doing financing in the right way.
I am very much thankfull to you.
This should have been taught in our schools but ...
Pls keep doing your work.
India needs people like you.
May god bless you with all happiness in the world.
THANKYOU SOOO SOO MUCH. WE AS MIDDLE CLASS WHO DO NOT ABLE TO AFFORD GOOD FINANCE ADVISOR. YOU GUYS AND THIS CHANNEL IS 2ND GOD TO US.🙏❤
Kya baat hai💯💯💯💯💯
Ekdum jhakkas knowledge 🙏🏻🙏🏻💯💯💯💯💯💯
Thank you so much for this video. I just saved 25k on my home loan after watching this video 🙏