Availing home loan is itself tough but learning aspects to it is just confusing. Recently I learnt about the term SIP in home loan and thanks to my fiance for telling me about it in detail. I know many of you might also be trying to know what is SIP in Home Loan so let me tell you that it stands for Systematic Investment Plan. It is highly a safe way to invest in mutual funds and investing in the best SIP when markets are not overpriced can save you from paying a very high price when the market is down.
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What is the home loan SIP scheme?
Initially learning about the SIP scheme was tough. AFter getting to learn what is SIP home loan, one starts understanding how it works. Suppose your home loan EMi has started, you can start a SIP equal to 10% of the monthly installment or EMI and get the entire home loan amount back.
Also note that the existing amount or SIP investments in mutual funds remain unaffected in that case. Just try to retain your mutual fund investment and pledge them with a bank or NBFC to get a loan. The interest rate of SIP is also higher than FD so you can go for it. But also do note that it does not guarantee the best returns.
This is all I have learnt about what is SIP in Home Loan.
Read More:What is SIP in banking?
Is SIP tax free?
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What is SIP in Home Loan?
Darshana
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3 Year
2022-11-06T21:57:29+00:00 2023-09-21T15:35:30+00:00Comment
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