How to save LAKHS on your Home Loan: Complete Guide

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In this video you will learn,
1. How Home Loan works
2. What is EMI and how it is calculated
3. Why do you end up paying huge amounts in interests and how can you save lakhs of interest on your home loan
4. The tax benefits on home loan to save at least 70000 in taxes.
5. How does prepayment work and how you can use it to bring down your interest cost massively
6. What are the recent RBI rules on home loan that will benefit you a lot.

Chapters:
0:00 Reality of Home Loan
3:29 How does EMI work?
5:37 How can Bank increase your interest rate after taking home loan?
5:55 Floating Rate vs Fixed Rate
10:02 A word from our sponsor
10:53 How to save LAKHS in interest- Prepayment
15:55 Massive Tax benefits on home loan
17:40 RBI circular 1: reset of interest rate
19:20 BIGGEST risk of taking a home loan
21:34 RBI circular 2: return of property documents
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[LabourLawAdvisor]

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 :)

[OSHEEN]

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.

[amoljadhav]

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 😂😂😂😂

[ansariadil]

Best Line: Finance samajhna aapki majboori ban jati hai ❤

[shitleshyadav]

Pure india me sabse achha aur sbse knowledge wala...niswarth channel

[SuvankarChakraborty]

This content is gonna help millions of Middle Class Indians !
Kudos to you Mandeep and team LLA !!

[devjyotisharma]

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

[akashkumar-okre]

Important topics ko LLA ki team aaise samjha deti hai jaise yeh toh bas ek story guys doing well ❤

[bhubanendramishra]

One of the few creators who adds value to the society! Top content, great work! The LLA team deserves to be celebrated.

[Gajendra.Sukalkar]

Here's a small amount from the interest I saved. Thankyou ❤

[shantanukar]

Give LLA team Oscars for their really great content 👌

[deepakpeaky]

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. ♥ ♥

[mukulguptam.g.]

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 ❤

[smithbhandari]

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.

[Gandhilgvg]

I actually did all this and fortunately closed my Home loan in 7 years pre diwali season. Thanks to all youtubers like you.

[Imran.-immu]

Ek hi to Dil hai kitni bar jeetoge ... LLA rocks, the most relatable content creator for Janta . Thanks

[IamSuraj_Gupta]

Very clear and simple with complete explanation given by LLA on a home loan, please watch this video before taking the home loan.

[thyciqg]

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.

[PTeja]

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. 😅

[akashkulange]

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.😊