The major change this century is going through is e-commerce. Isn't it surprising at the change we are into now! To purchase an item say a saree or a shirt, earlier was the time when we used to go to different shops, explore and then decide and finally buy it if it is of the right price. Now it is all "online." For what not and where not, this convenience has been experienced?
Friend 1 : Hi bro, finally I took a home loan from a bank after a lot of research.
Friend 2 : Ok let me explain you. Suppose that both of us are in a home loan entered at a same time. Say loan of Rs.45 lakhs with interest of 9.50% with EMI being Rs.41,946 for 240 months.
Yes, home loan sector also takes up this change and makes it convenient to the customers. So is the convenience only till choosing the home loan or suggesting a home loan? No, loanyantra.com goes a little beyond this. Let us see till where loanyantra.com makes its customer convenient and above all risk-free.
Two friends conversing..
Friend 1 : Hi bro, finally I took a home loan from a bank after a lot of research.
Friend 2 : Oh cool. But I didn't research, I got associated with a company.
Friend 1 : Company? what company?
Friend 2 : It is loanyantra.com... a website which manages your home loan.
Friend 1 : But what is the need bro..is it really thaaat advantageous?
Friend 2 : Ok let me explain you. Suppose that both of us are in a home loan entered at a same time. Say loan of Rs.45 lakhs with interest of 9.50% with EMI being Rs.41,946 for 240 months.
Friend 1 : Ok fine. Say the time to be Jan 2015. So our loan goes till 2035.
Friend 2 : Correct if there is a change in interest rate by 0.5%, the EMI to be paid will increase from 240 months to 271 months.
Friend 1 : Yes, ofcourse. What can anybody do with that.We just have to pay.
Friend 2 : No dear, that is what loanyantra.com does.
Friend 2 (loanyantra.com customer) Friend 1
Home loan : Rs. 45 Lakhs Rs. 45 Lakhs
(Jan 2015)
Interest : 9.50% 9.50%
EMI : Rs. 41,946 Rs. 41,946
Period : 240 months 240 months
* (June 2015) Increase in interest rate by 0.5%
Period : Remains at 240 months as he 271 months
(June 2016- paid 3 EMIs extra as part payment Still paying.
June 2027) as suggested by loanyantra.
June 2027 : Loan closed
Total paid -
148 EMIs +
36 EMIs Still paying
(as partpayment suggested by loanyantra)
So,184 EMIs * 41,946 = Rs.77,18,004
July 2027 : Started investing Rs.42,000 Still paying
in SIP till 56 months with
average returns of 15%.
Jan 2032 : Received Rs.34,19,126 Still paying
(Left these returns untouched for 5 years)
June 2037 : Final returns received Rs.68,76,830 Loan closed
Total paid -
271months *41,946 = Rs.1,13,67,366.
Friend 1 : Those are really big figures!!! So, you say, with loanyantra managing your home loan, you could finish your home loan faster and also could invest in investments of your preferred choice.
Friend 2 : Yes, dear. Remember that the above situation has change in interest rate only for once. In practice, the interest rate change can be many a times. So, each time researching might not be possible. So, why not leave it to the managing company. It costs you really a minimal.
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