1) How to make money( job or business.) 2) Keep your expenses down to minimum 3) Save and invest consistently
I recently found A little known way to save a small fortune by stop paying high interest rates to banks on home loans etc. The best way to get out and stay out of high interest rates of banks is by using some of the little known NBFC and private finance institutions which have access to low cost funds and can offer lower rates of 8-8.5%% fixed for entire tenure of the loan !
"Most importantly do not forget that you are raising another debt against your home" . This is the point. Articles should be focussed on how to get rid of debt to the maximum extend. How to minimize the loan amount by utilizing other resources etc. Most articles are written in such a way to encourage or tempt people to take more loans. By early prepayment you are saving huge amount in interests.the IT saving of max 45K (on 1.5 lakhs) is peanuts compared to interests saved by prepaying even 1 or 2 lakhs in early years of the loan.
there is one called self believe..........value urself......THAT NO ONE CAN LEAVE EVEN ALL THIS WEALTH OF THIS WORLD.....if that is there is no need of loan......
If the top up loan received is not utilised for the purpose it is intended for (ie., extension, renovation, modification, painting of the property or even for additional features like buying a parking lot etc.,) and if you claim tax benefit, then you are inviting problems. In such cases, IT dept will slap heavy penalty and you will end up paying the tax plus interest on the tax that you had evaded in addition to the penalty.
If the top up loan received is not utilised for the purpose it is intended for (ie., extension, renovation, modification, painting of the property or even for additional features like buying a parking lot etc.,) and if you claim tax benefit, then you are inviting problems. In such cases, IT dept will slap heavy penalty and you will end up paying the tax plus interest on the tax that you had evaded in addition to the penalty.
