Planning to buy a home? Here’s how SBI, SIP will help you turn dream into reality
As the name suggests, this scheme offers good returns and market-related gains. Simply put, SIPs allow you to invest a fixed sum every month in your favourite mutual fund scheme.
There many investment options in India, which makes it important to understand which product suits your need the most. There is a saying with maximum investment comes with maximum returns, but not all can afford it. Investments made can be used for anything like buying your own car, or dream house or even used for marriage purposes. However, emphasizing on the houses, the real estate sector has seen quite a ray of hope this year especially after interim Budget 2019. In fact, one can buy their dream house, anytime soon and all they need is a Systematic Investment Plan (SIP) and State Bank of India (SBI).
As the name suggests, this scheme offers discipline, good returns, and market-related gains. Simply put, SIPs allow you to invest a fixed sum every month in your favourite mutual fund scheme.
SIPs stand out with lowest lock-in period and tax-saving options. With SIP, one can also avail the benefit of equity-linked saving schemes (ELSS) which has lowest 3-year lock-in period and gives higher returns compared to traditional method of fixed deposits. A person can begin investment in SIP with just Rs 500 and there is no maximum limit.
How does SBI help you is because this lender is currently the only one who has cut down its home loan interest rate for borrowers? However, loan taken up to Rs 30 lakh will see lower interest rate at this bank.
Up to Rs 30 lakh SBI home loan!
A salaried woman can enjoy between 8.90% to 9% interest rate on home loans taken from SBI, while the non-salaried one earns up to 9.05% to 9.15% interest rate on their loans.
In case of others category, they will see interest rate between 8.95% to 9.05% if salaried, while the non-salaried one will have to pay between 9.10% to 9.20% rate.
Between Rs 30 lakh to Rs 75 lakh SBI home loan!
Here, a salaried woman pays 9% to 9.10% interest rate on home loan, while non-salaried one pays 9.15% to 9.25%. In case of salaried men, they pay 9.05% to 9.15%, whereas the non-salaried one pays 9.20% to 9.35% rates on home loans.
Further, did you know, you can avail the best home even using SBI portals. SBI realty website, lets you search your dream house. For instance, in Mumbai, SBI reveals that featured homes in 1 BHK and 2 BHK, prices range from Rs 35 lakhs to maximum nearly Rs 43 crores in places like Kurla, Malad, Lower Parel, Vikhroli, Mulund, Chembur, Bhandup, Kanjurmarg, Ghatkopar, Kandivali and Powai.
Not only this, the website also helps you search your home as per your need, requirement, locality, areas and others. Click Here!
If you invest Rs 5,000 a month in SIP on projected interest rate of 15%, then you will gain up to Rs 4.5 lakh in 5 years, Rs 13.9 lakh in 10 years, Rs 33.8 lakh in 15 years, Rs 75.8 lakh in 20 years, Rs 1.6 crores in 25 years, Rs 3.5 crores in 30 years and massive Rs 7.4 crores in 35 years.
In 35 years, you would have invested about Rs 21 lakh which will make your wealth gains upto Rs 7.2 crores.
Now either you can chose to wait for let’s say 5 years or 10 years, if you are at the age group between 21 to 25 years and avail your dream house in 31 to 35 years of age. How? You can use SIP gains to invest in your dream house and also avail part amount as loan from SBI. Or else you can take SBI home loan now, and use the gains of SIP in future to repay your debt.
SBI home loan repayment tenure can be from 10 years to maximum 30 years. SBI also allows you prepayment of home loan amount taken.
At SBI, loan is to be repaid in Equated Monthly Installments (EMIs) over the tenure of the loan. The repayment installment commences from a date specified in the sanction letter. The liability to the bank will be extinguished only when the outstanding in the loan account becomes Nil, on payment of residual amount, if any. No pre-payment/ Pre-closure penalty will be levied on Home Loans irrespective of the period for which the account has run or source of funds.
Once you have repaid or cleared off your home loan, you can stay invested in SIP and become crorepati as well.
Hence, why wait more use SIP and SBI to avail your dream house.
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