In a financial revelation that could change the way we approach home loans, Adil Shetty, the CEO of BankBazaar, has shared a game-changing strategy to save nearly Rs 11 lakh on a home loan of Rs 50 lakh. By focusing on the first letter of “repayment,” let’s embark on a journey into the world of smart finance management and home loan repayment.
The Strategy Unveiled
Adil Shetty, the renowned CEO of BankBazaar, has unveiled a financial strategy that can revolutionize your approach to home loan repayment. By allocating just Rs 96 a day towards loan repayment, you could potentially save almost Rs 11 lakh on a Rs 50 lakh home loan. This innovative approach has taken the financial world by storm, offering a fresh perspective on managing your home loan.
The Power of Small, Consistent Investments
Shetty’s strategy revolves around the power of consistency and small, daily investments. Instead of grappling with large monthly installments, he advises breaking it down into manageable daily contributions. By committing to repay just Rs 96 a day, you not only ease your financial burden but also accrue significant savings in the long run.
The Home Loan Calculator Advantage
One of the key tools in implementing this strategy effectively is the use of home loan calculators. These calculators allow you to determine the exact amount you need to pay daily to achieve this significant saving. They provide you with a clear roadmap for your daily repayment goal, ensuring you stay on track and make consistent contributions.
The Role of SIP and Mutual Funds
Systematic Investment Plans (SIPs) and mutual funds play a crucial role in Adil Shetty’s strategy. By investing the money you save through daily repayments in SIPs and mutual funds, you can potentially earn higher returns on your savings. This dual-pronged approach not only reduces your home loan burden but also grows your wealth.
How the Strategy Works
To put this strategy into perspective, let’s consider a hypothetical scenario. If you have a home loan of Rs 50 lakh with a tenure of 20 years, your monthly EMI would amount to a substantial figure. However, by allocating just Rs 96 daily for repayment, you can reduce the interest payable and shorten the loan tenure. This translates into remarkable savings in the long term.
The EMI Calculator – Your Financial Ally
Another critical tool in this strategy is the EMI calculator. It helps you keep track of your daily repayment progress and ensures you meet your goal of Rs 96 a day. The calculator simplifies the process, making it accessible to anyone looking to embark on this journey to financial freedom.
Realizing Your Dreams
Adil Shetty’s innovative approach to home loan repayment empowers individuals to take control of their financial future. By making daily, manageable contributions and using tools like home loan calculators and EMI calculators, you can turn your dream of homeownership into a reality while saving substantial amounts.
Conclusion
In a world where financial strategies constantly evolve, Adil Shetty’s approach to home loan repayment stands out as a game-changer. By starting small with daily contributions and harnessing the power of calculators, you can not only own your home but also build a more secure financial future. This revolutionary approach to managing home loans is a testament to the power of innovation in the world of personal finance.
