What should my MF mix be to clear the home loan earlier?
Use your yearly bonuses /variable components in compensation (if any) to prepay the loan which will help reduce the tenor of your loan and save on interest costs
I am 35 years old and earn ₹2.2 lakh per month. I invest ₹70,000 per month in mutual funds (MFs). The current value of my MF investments is ₹53 lakh. I have recently taken a home loan of ₹1.5 crore, with EMI of ₹1.15 lakh per month for 25 years. How do I clear the home loan earlier? What should my ideal MF mix be? How do I save on taxes since I cannot claim house rent allowance (HRA)?