{"id":1322,"date":"2019-12-10T11:19:49","date_gmt":"2019-12-10T05:49:49","guid":{"rendered":"http:\/\/blog.budwisefunds.com\/?p=1322"},"modified":"2020-12-07T18:55:54","modified_gmt":"2020-12-07T18:55:54","slug":"should-you-prepay-your-loan-first-or-invest","status":"publish","type":"post","link":"https:\/\/budwisefunds.com\/blog\/should-you-prepay-your-loan-first-or-invest\/","title":{"rendered":"Loan or invest &#8211; Should you prepay your loan first or invest?"},"content":{"rendered":"\r\n<p><span style=\"font-size: 20px;\">We face so many confusions to opt one option between Prepay our loan or invest our money&#8230; But from today we all able to choose the right option:\u00a0<\/span><\/p>\r\n<p><span style=\"font-size: 24px;\"><strong>Further Reading: <a href=\"https:\/\/mutualfundsahihai.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Fund Sahi Hai<\/a><\/strong><\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">People who have taken home loans or loan of any other kind must have once encountered a problem that whether they should prepay their loans with the surplus amount they have got or should they continue with the EMIs and invest this surplus amount in mutual funds. <\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Making a decision regarding prepaying one\u2019s home loan is more difficult than the decision of prepaying or foreclosure of any other loan because in case of home loan you are also eligible to avail tax deductions on the interest payment as well as on the principal repayment under section 24 and section 80 C respectively. <\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In this blog, we are going to reduce some complexities for you and will make you more capable of making an informed decision for yourself on your own.<\/span><\/p>\r\n<h3><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script> <ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-6495755798120621\" data-ad-slot=\"6499025866\"><\/ins> <script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/h3>\r\n<h3>\r\n\r\n<\/h3>\r\n<h2><span style=\"font-size: 20px; color: #000000;\"><strong>Understanding your loan<\/strong><\/span><\/h2>\r\n\r\n\r\n\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Whenever you take any loan you pay EMIs (Equated Monthly Instalment) on it. There are two components of any EMI \u2013 interest payment and principal repayment. The interest component represents a major part of your EMIs in the initial repayment years. <\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">As you progress with the repayment of your loan the interest component diminishes and the principal component goes on increasing.<\/span><\/p>\r\n\r\n\r\n\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Following is an attempt to make the readers understand the components of their EMIs.<\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"> For this, we have considered a loan of 40 lacs taken for 20 years tenure at an interest rate of 9.75% p.a. (monthly reducing).<\/span><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" class=\"wp-image-1325\" src=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/12\/4521.png\" alt=\"\" width=\"741\" height=\"346\" srcset=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/12\/4521.png 636w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/12\/4521-300x141.png 300w\" sizes=\"(max-width: 741px) 100vw, 741px\" \/><\/figure>\r\n\r\n\r\n\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">On having a look at the above image, you will easily understand the proportion of both the components in your EMIs in the initial years. As said earlier, the interest component is decreasing and the principal amount is increasing with each EMI you repay.<\/span><\/p>\r\n<h2 style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>What if you pre-pay a part of your loan\u2026How much will you save <\/strong><\/span><\/h2>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">If any borrower chooses to pre-pay a part of his loan then he may either opt for reducing his EMIs or reducing the tenure of the loan by keeping the EMIs same. For example, if we take the above example, where the borrower has 5 lacs as surplus and he is looking to prepay this much amount after 12th instalment i.e. after 1 year then the EMI will be reduced to \u20b9 33,115.72 or the number of instalments to be repaid will come down to 164 approx. from 228 (240-12). <\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">So, in this case, the borrower will be able to save around 6 lacs in interest if he prepays \u20b9 5 lacs towards his loan. But this won\u2019t hold true if the borrower prepays the same amount after 180th loan instalment (15 years) as then he\/she would only be saving 1.3 lacs in interest.<\/span><\/p>\r\n<h2 class=\"entry-title\"><span style=\"font-size: 24px;\"><strong>Also Read: <\/strong><\/span><a href=\"https:\/\/budwisefunds.com\/blog\/saving-investment-six-points-to-keep-in-mind-before-investing\/\" rel=\"bookmark\">Saving &amp; Investment \u2013 Six points to keep in mind before investing<\/a><\/h2>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Hence, it makes more sense to repay a part of your debt in the initial years.<\/span><\/p>\r\n<p><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script> <ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-6495755798120621\" data-ad-slot=\"6499025866\"><\/ins> <script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/p>\r\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Foregone interest benefit&#8230;<\/strong><\/span><\/h3>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Under section 24, an investor can claim deduction on the interest paid on home loans up to 2 lacs. So, for an investor in the 30% tax bracket, this translates into total savings of around 60,000. <\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In the above-taken example, an investor would be able to enjoy tax benefits in full up till 15 years whereas if in case the investor pre-pays 5 lacs in advance (at the end of 1 year) then the benefit of 2 lacs will be available only up till 13 years in that case.<\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Note: &#8211; You will continue to get the tax benefit under section 24 even after 13 years but the total interest payable in the subsequent financial years will come down below 2 lacs (since you have repaid a part of the principal) and that&#8217;s why we have not considered it in the above calculations.<\/span><\/p>\r\n<h3 style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Investing the surplus\u2026<\/strong><\/span><\/h3>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">If the borrower considers investing the same amount (5 lacs) at the end of 1st and 15th year then at 12% rate of return (a reasonable expected rate of return from equity mutual funds) the borrower would have got 43.06 lacs and 8.81 lacs respectively if the amount is invested and held throughout the left tenure of the loan.<\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">So, prima facie we can say that the investor will be better off by investing the surplus amount rather than pre-paying his\/her loan.<\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Hence, an investor should always look at the spread between the expected rate of return and the home loan interest rate. If it is 0.5% or 1% then you can look at repaying your home loan but if the spread is 3-4% or even more, then you should definitely invest the surplus amount rather than repaying your home loan.<\/span><\/p>\r\n<h2 style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>When a loan should be pre-paid-\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/span><\/h2>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>1.) Risk-averse<\/strong><\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">If you are a kind of investor who is not able to stomach the volatility of the equity markets and is only comfortable with traditional instruments like fixed deposits, recurring deposits, etc then you should first prepay your loan rather than investing it. This is only valid when the borrower is considering repaying a part of his\/her debt upon reaching closer to the tenure end.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>2.) Mental set up<\/strong><\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Living a life free from any kind of burden and debt gives a sort of happiness to many individuals. So, if you think that you cannot live with burden on your head then you might consider repaying it. But do not forget to foresee any major expense that might be coming your way in the near term as you won&#8217;t get the repaid amount back.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>3.) Debt consolidation can be looked at<\/strong><\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">If you have multiple loans then you may consider some debt consolidation by repaying some of your loans. For example, you may foreclose your car or personal loans as they do not offer any tax benefits. Moreover, your CIBIL score will improve if you pay your loans in advance.<\/span><\/p>\r\n<p><script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script> <ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-6495755798120621\" data-ad-slot=\"6499025866\"><\/ins> <script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>When should you invest the surplus amount you are having\u2026?<\/strong><\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>1.) Job security<\/strong><\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">When the borrower has a stable job and he\/she can service EMIs in a timely manner then they may continue with the loan and invest the surplus amount in mutual funds. If you need any help regarding mutual fund investments then you can always contact Budwisefunds, we are always at your service.<\/span><\/p>\r\n<p><span style=\"font-size: 20px; color: #000000;\"><strong>2.) Liquidity position<\/strong><\/span><\/p>\r\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">A sound liquidity position is a prerequisite. So even if you have multiple assets in place but not adequate cash then you should invest this surplus amount in liquid or debt funds rather than repaying your debt.<\/span><\/p>\r\n<p><span style=\"font-size: 24px;\"><strong>Further Reading: <a href=\"https:\/\/www.businesstoday.in\/current\/economy-politics\/should-you-prepay-your-home-loan-or-invest-through-sips\/story\/281842.html\" target=\"_blank\" rel=\"noopener noreferrer\">Business Today<\/a><\/strong><\/span><\/p>\r\n<p><img loading=\"lazy\" id=\"sypylfoi\" class=\"size-medium wp-image-562 aligncenter\" src=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-300x88.png\" alt=\"\" width=\"300\" height=\"88\" srcset=\"https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-300x88.png 300w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1024x299.png 1024w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-768x224.png 768w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1536x449.png 1536w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-2048x598.png 2048w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1200x350.png 1200w, https:\/\/budwisefunds.com\/blog\/wp-content\/uploads\/2019\/08\/download-pdf-button-1-1980x578.png 1980w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>We face so many confusions to opt one option between Prepay our loan or invest our money&#8230; But from today we all able to choose the right option:\u00a0 Further Reading:&hellip; <\/p>\n","protected":false},"author":1,"featured_media":2091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Loan or invest - Should you prepay your loan first or invest?<\/title>\n<meta name=\"description\" content=\"Loan or invest... 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