Post on Medial

I was listening to a podcast yesterday and found this so interesting, I had to share it with you. Okay !! Now !! . Let me tell you a story about Raj. He wanted to buy a house, so he took a ₹30 lakh home loan. The interest rate was 8%, and he had 30 years to pay it back. Sounds okay, right? But guess what? After 30 years, Raj ended up paying nearly ₹90 lakh! 𝗛𝗲𝗿𝗲’𝘀 𝗵𝗼𝘄 𝗶𝘁 𝗯𝗿𝗲𝗮𝗸𝘀 𝗱𝗼𝘄𝗻: 𝗟𝗼𝗮𝗻 𝗔𝗺𝗼𝘂𝗻𝘁: ₹30 lakhs 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲: 8% 𝗟𝗼𝗮𝗻 𝗧𝗲𝗿𝗺: 30 years 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗘𝗠𝗜: ₹22,000 𝗖𝗮𝗹𝗰𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀: Total EMI Paid in 30 Years: ₹22,000 x 12 months x 30 years = ₹79,20,000 Total Amount Paid: ₹79,20,000 (EMIs) + ₹30,00,000 (Principal) = ₹1,09,20,000 Raj borrowed ₹30 lakh, but paid back ₹1,09,20,000. That’s almost three times the loan amount! 𝘛𝘩𝘪𝘴 𝘩𝘢𝘱𝘱𝘦𝘯𝘴 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘰𝘧 𝘤𝘰𝘮𝘱𝘰𝘶𝘯𝘥𝘪𝘯𝘨 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵. 𝘠𝘰𝘶 𝘥𝘰𝘯’𝘵 𝘫𝘶𝘴𝘵 𝘱𝘢𝘺 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘰𝘯 𝘵𝘩𝘦 𝘭𝘰𝘢𝘯; 𝘺𝘰𝘶 𝘱𝘢𝘺 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘰𝘯 𝘵𝘩𝘦 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘵𝘰𝘰. 𝘐𝘵’𝘴 𝘭𝘪𝘬𝘦 𝘢 𝘴𝘯𝘰𝘸𝘣𝘢𝘭𝘭 𝘵𝘩𝘢𝘵 𝘨𝘦𝘵𝘴 𝘣𝘪𝘨𝘨𝘦𝘳 𝘢𝘯𝘥 𝘣𝘪𝘨𝘨𝘦𝘳. 𝗦𝗼, 𝘄𝗵𝗮𝘁 𝗰𝗮𝗻 𝘄𝗲 𝗹𝗲𝗮𝗿𝗻 𝗳𝗿𝗼𝗺 𝗥𝗮𝗷’𝘀 𝘀𝘁𝗼𝗿𝘆? 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗙𝗶𝗻𝗲 𝗣𝗿𝗶𝗻𝘁: Always understand your loan terms. 𝗔𝘀𝗸 𝗳𝗼𝗿 𝗟𝗼𝘄𝗲𝗿 𝗥𝗮𝘁𝗲𝘀: Try to get the lowest interest rate possible. 𝗣𝗮𝘆 𝗠𝗼𝗿𝗲 𝗪𝗵𝗲𝗻 𝗬𝗼𝘂 𝗖𝗮𝗻: Extra payments can reduce the total interest you pay. Let’s make sure our dream homes don’t turn into financial nightmares. Stay smart with your money! #FinancialTips #HomeLoans #InterestRates #SmartBorrowing #PersonalFinance #MoneyMatters #LoanAdvice #FinancialLiteracy #CompoundInterest