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FAQ: Can one repay loan by breaking the SIP? - Property Hotline
Posted
June 10, 2016
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587
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June 10, 2016
587
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6:44
4:42Now PlayingBe Un Confused
Expert: Kartik Jhaveri, Founder & Director, Transcend Consulting Pvt Ld
Q: I took a loan of Rs 35 lakh in Feb 2013. I pay Rs 35,000 as EMI. My outstanding is Rs 25 lakh and the tenure will end in 2024. I have 4 SIPs of Rs 1,000 each. The accumulated fund is Rs 4 lakh. I earn Rs 1.5 lakh/month and work for only 7 months in a year. Should I repay a part of the loan by breaking my SIPs or should I continue investing in the SIPs?
Answer: You must surely continue your SIPs. SIPs are not a stop-gap arrangement. They are a more powerful tool of wealth creation than real estate as they provide growth as well as liquidity. SIPs are not an interim arrangement. You should aim to create a huge corpus with this investment itself which will take care of your long term financial goals. If you can comfortably service your EMIs, you can continue making payment towards your home loan as the outstanding tenure is 8 years and you are able to avail of tax benefits. If you wish to make a part payment for you loan, then you can use the profits from your investments to do so.
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