Owing a home is everyone’s dream. We are all take loans to build a house. But let’s see how to build a beautiful house without taking a loan. Build a house within our limits first. Avoid all luxuries.
First prepare a budget for your home. Then find the money to build the house. It is best not to take out housing loan to build a house. There are two good ways to share with you rather than a home loan to raise money for home construction.
We put a budget of Rs 15 lakh for our house work. When we approached a bank we found that the interest rate was up to 9%. The loan will be close only after paying Rs 14,335 each month for 15 years . Then total of around Rs 25 lakh will have to be repaid. 10,80000 will have to be repaid with interest.
Chitti is much better way to build a house than a bank loan.KSFE is a very reliable government approval chitty. If you take Rs 20 lakh for five years ,you will have to pay Rs 33,000 per month.
The chitty forward according to the total number of people. We can call it that in the beginning. That time we will not get the full amount. If we call the chit fund within the first six months ,we will get around Rs 14 lakh. From next month, all members of chitty will get 25% discount.But it is enough to repay total Rs 16 lakh in this chit fund.We have paid only Rs 200000 extra in the chit.
SIP(systematic investment plan)is another way that is much better for home construction. Get into an investment plan like this while thinking about a home.It is very easy scheme . Suppose you pay Rs 18000 monthly for 5 years. Those in a SIP will deposit this amount in good shares. We will get good profit 12.5 % growth.We will get 15 lakh instead of Rs 10,80000.