Hi
I heard from many of my friends to go for Home loan to save tax, generally for more than 15 years.
Isn’t the trap of long term debt, to avoid the tax.May be this is my perception?
Though Home is an asset?
4-5K monthly tax can be saved according Section 24.
For 20L Home loan @11% interest rate, 20 Years Tenure,
EMI :20,644
Total Interest:29,54,560 <==> total amount paid to bank:49,54,560
Monthly Interest (reducing):18,333
Similalry for Car loan (Car reimbursements +Driver Salary).
Is it wise and benifcial to go for this Car and Home Loans to get this benifits.
I am looking for all expert opinions?
Manish, why can’t you post an article how this works,have u posted already?(if i miss) is it benificiary or a kind of long term liability, to save the tax.
How better is to invest/save by staying in rent and accumulate amount required to own house with less burden of EMI?
Looking forward all blog readers opinions?
Regards,
Raju