Do You Want To Make Your Home Loan Interest-Free?

For countless Indians, owning a house is a cherished dream, symbolizing progress and personal achievement. While the aspiration to own a home remains strong, the reality of high real estate cost means that many turn to home loans to bridge the gap between their dreams and current financial capacity. But what might initially seem like a reasonable solution can turn into a challenging financial burden. The Problem The twist in this story emerges when you consider the interest payment on home loans. As individuals make monthly payments towards their loans, a substantial portion goes toward the interest payment at least in the initial years. For instance, if you take a home loan of Rs. 50,00,000 for 20 years at an interest rate of 9 per cent, your equated monthly instalment (EMI) comes around Rs 45,000 per month. In the first five years, around 75 per cent of your EMI goes towards interest...