Do you know how much you actually pay for a 20 lakh house when you fund it through home loan? Home loan is surely an easier way of buying the home of your dreams since it is impossible for a middle class buyer to pay for a property in full. But what comes with this initial comfort is the burden of heavy monthly interests for an elongated period. And the interest adds up to manifolds of the actual price of the property.
Investors Clinic has found a solution to this financial worry and brings to you Byaaj Mukt Awas Yojna (BMAY) on March 11, 2016. It is an interest-free home scheme wherein you only have to pay the actual price of the property (minus 10% down payment) in 100 equated installments known as EPR (Equal Principal Repayment).
Here is a calculated difference between the value of your property when you finance it through home loan versus BMAY.