Viral Home loan Audio | Bank manager and Doctor client in Tamil | My view | Nivas Narasimhan

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Nivas Narasimhan, MBA
EXCITE MUTUAL
+91 99942 66772
www.excitemutual.in
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Mutual Fund Distributor | Financial Planner | Trainer

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(American Academy for Financial Management)

In Today's video, we will discuss about housing loan and how it works. Recently an audio is going viral. It looks like a bank staff is discusiing with a doctor client. The client asks how much is the loan amount. He says 51Lakhs. What is the Emi, he is paying 57000 started in 2006. Now after 14years. He has paid 94Lakhs. But 80Lakhs is interest. Only 14Lakhs reduced in principal. 37Lakhs principal outstanding. Interest is 14.75%
First of all.. is this true or fake.. but if you hear it fully, you will feel the pain of doctor.
You will feel that as though it happened to you..
So what i did was i discussed with close 20friends in banking industry.. No body was able give a clear picture. Because in the discussion, duartion of the loan was not discussed.
Let me tell my opinion based on some assumption..
In the conversation, the duration is not spoken. So im unable to get clear picture of this situation.
In 2006, Housing loan interest rate was around 10 to 12%. Still why he got higher rate. he thought interest might go up in future. So he would have chosen Fixed rate - 12% to 13%
There are two types of interest rates. Fixed & Floating interest rates. Every two months RBI will decide to change the interest rate based on the economy. If inflation and liquidity is high, they will increase interest rate. If the inflation & liquidity is low, to boost economy, they will decrease the interest rate. So lets see how bank works, they collect deposits from us and lend a portion as loans. And if they need more money, they will borrow from other banks, mutual funds or from Rbi. So when Rbi reduces interest rates. They will get benefit. That money has to be passed on to the customers. So for all new loan buyers, they will pass this benefit. For existing loan holders, it will not be converted automatically. We have to go and apply for it. Customers beware. So in 2006, this customer would have bought a housing loan at 13% fixed rate - assumption. And fixed rate is not for full duration it will be for 2 or 3years, in some cases 10years. After that it will become floatimg.. So in 2007-08, interest rate went upto 15% in some banks. So his loan interest rate would have gone up to 14.75%. But later when it got reduced slowly. Customer unknowingly and the bank staffs also didnt communicate, so he kept on paying the Emis. This is what would have happened..

But lets understand as a borrower.. When we borrow a housing loan for 51Lakhs and say the duration is for 25years at 13% interest rate. I will be paying 57000for 25yrs. So the total amount will be 1.73crores. While taking loan itself, the customer knows that he is goung to pay high amount of interest. Still he has taken the loan considering other factors.. Property value will increase in 23years.
It could be a prime property.. the value could become 5crores and above. So 1.5crores is ok.
Now after paying so much interest, closing a housing loan is a bad idea.
Now if he goes and closes a loan. Its a mistake. Thats why i said in my one of the videos, housing loan is a good loan.
Ok.
So dont close a housing loan.
Instead if you have surplus money invest in mutual funds.
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