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i recently bought a flat and took a home loan of rs 20,00,000. my emi is rs 19968. i have some 8 lakh rupes sp?

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  • i recently bought a flat and took a home loan of rs 20,00,000. my emi is rs 19968. i have some 8 lakh rupes sp?


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Answer #1 | 13/12 2013 19:05
Rule of thumb - use 10 for every 1000. This will get you in the ballpark.
Positive: 87 %
Answer #2 | 14/12 2013 01:59
With the home loan you will be getting two kinds of tax benefits. One is interest on the loan up to 1.5 lakhs and the other is the repayment of principle (Benefit up to 1 lakhs u/s 80c). For the first few years the interest portion will be more and the principle portion will be very less in the EMI. Year by year the interest portion will reduce and the principle portion will increase. On 20 lakhs loan, for the first year the interest portion will be Rs.2,08,533 and you can claim 1.5 lakhs out of it. The Principle portion for the 1st year will be 31,079 and you can claim full amount (up to 1 lakh u/s 80C). On the above the tax benefit will be as follows: For income up to 5 lakhs: (Int. 1.5 lakhs & Pri. Rs.31,000) Tax benefit will be Rs. 18,100 For income up to 10 Lakhs: (Int. 1.5 lakhs & Pri.Rs.31,000)Tax benefit will be Rs.36,200 For income more than 10 lakhs: (Int. 1.5 lakhs & Pri.Rs.31,000)Tax benefit will be Rs. 54,300 If you repay Rs.8,00,000 to home loan, the tax benefits will be as follows: Interest portion Rs.1,30,000 & Principle repayment portion Rs.1,00,000. For income up to 5 lakhs: (Int. 1.3 lakhs & Pri. Rs.1,00,000)Tax benefit will be Rs. 23,000 For income up to 10 Lakhs: (Int. 1.3 lakhs & Pri. Rs.1,00,000) Tax benefit will be Rs.46,000 For income more than 10 lakhs: (Int. 1.3 lakhs & Pri. Rs.1,00,000) Tax benefit will be Rs. 69,000 In my view, if your income is up to 5 lakhs per year, then repay 8 lakhs. If your income is more than 5 lakhs, then it is better to keep the loan as it is and keep 8 lakhs in a bank FD. The home loan interest on your Home loan interest is 10.5%pa. If you deposit Rs.8 lakhs in any FD, it will just earn you 9 to 9.5% interest. So you will be losing about 1% pa interest by not repaying the home loan. In terms of amount the loss difference for 1% will be Rs.8,000 per year. So straight away you are benefited with Rs.8,000 per year by repaying the loan amount. So I advise you to immediately repay the home loan if your income is up to 5 lakhs only. Regarding shifting the home loan to SBI, calculate the difference of interest and calculate the loan transfer charges if any and decide.
Positive: 81 %

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