Smart Money Moves: Pooja Patel's 5-Year Strategy for First-Time Homebuyers
Pooja Patel's 5-year homebuying plan: Save for a down payment with SIPs and make your home loan interest-free!
Smart Money Moves: Pooja Patel's 5-Year Strategy for First-Time Homebuyers
Photo Credit: Pooja Patel Instagram
- Accumulate a 20% Down Payment
- Make Your Loan Interest Free
- Achieve Dual Goals
Dreaming of owning a home? Here's a simple plan by Pooja Patel to make it happen in just 5 years, without expanding your finances.
1. Set a Realistic Goal
Let's assume you want to buy a house worth ₹1 crore (CR) in 5 years. The first step is to accumulate 20% of the down payment. Saving the entire ₹1 crore in this time frame is unrealistic, but saving for the down payment is achievable.
2. Start a Systematic Investment Plan (SIP)
To build this down payment, initiate a SIP in an equity mutual fund with minimal risk. Over 5 years, this can help you accumulate enough for the down payment.
3. Take a Loan for the Rest
For the remaining 80%, apply for a home loan. This will compensate for the bulk of the purchase price.
4. Make Your Home Loan Interest Free
While paying your EMIs, start a second SIP—around 0.15% of your home loan amount. Over time, this will offset the interest you pay, making your loan virtually interest-free.
5. Achieve Long-Term Financial Goals
In 20 years, not only will you own your home, but you'll also have a mutual fund corpus to aid with household expenses, ensuring long-term financial security.
By practicing this easy, effective plan, you can buy a home without overwhelming your budget. Share this with your friends and start your journey toward homeownership today!
Stay connected to Whosthat360's stories for more efficient financial planning.
For the latest Influencer News and Interviews, follow WhosThat360 on X, Facebook, WhatsApp, Threads and Google News. For the latest interview videos, subscribe to our YouTube channel. You can also follow us on our WhatsApp channel.
Further reading: Pooja Patel, Pooja Patel finance, Pooja Patel finance influencer, Pooja Patel finance tips, Pooja Patel reels, buy a house in 5 years, SIP for down payment, financial planning, financial security, interest free loan, Long Term Financial Goals, equity mutual fund, flexi cap fund, nippon india small cap fund, no interest loans, 0 interest loans, interest free personal loans, loan with no interest for a year, elss funds, government interest free loans, interest free auto loans, uti flexi cap fund, small interest free loans, kotak eq
Comments
Related Influencer Stories
Related Influencer
-
Jul, 12 2024 Palak RathiFinance
-
Jul, 10 2024 Humphrey YangFinance
-
Jul, 10 2024 Michael KitcesFinance
-
Jul, 10 2024 Anthony OnealFinance
-
Jul, 10 2024 Tori DunlapFinance
-
Jul, 09 2024 Digital PratikFinance
-
Jul, 08 2024 Dr. Vivek BindraFinance
-
Jul, 08 2024 Neil PatelFinance