Hi There, I have a homeloan, instead of investing in stocks I am trying to foreclose my home loan. Me and my wife both comes under 30% tax slab. Is this good idea?
We know home loan comes with the benefits of tax exemptions and lowest cost of capital.
From emotional standpoint - Closing early is good!
From pure finance standpoint - It might not be a best way to grow NW over the years.
It’s clearly an individual choice :)
Hi, maybe you can have a holistic view of your finances and see if the decision is good or bad? A financial advisor might to be right person to guide for same. Would you like a free consultation for same? You can reach me!
Use calculator.
Use online SIP calculator to find if you do a SIP OF that amount (equal to your EMI) HOW much will you get in X years (x= number of years your home loan is pending for.
Calculate how much tax your are going to save in x years (x= number of years your home loan is pending for)
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