- Home Loan Optimizer
- Requirements and usage
- API Design and Documentation
- Current assumptions in the algorithm
- Features to be added in future
- Contribution guidelines
Owning a home is always an amazing feeling! However, planning the settlement of your home loan in a way that, it is optimally beneficial to you is very important. Home loan does help us save taxes and at the same time it also results in high interests to be paid over a period of time. It is not recommended to prepay the home loan from other funds as one might need that additional funds for something else in life like kid's education, wedding, medical emergency, etc. So, it is not recommended to give away the additional funds that one has to the bank just to reduce interest.
So, there has to be a way where
- the borrower avails decent tax benefits
- pays significantly lower interest than the original plan
- at the same time keep the additional funds with oneself which may be utilised for some other event of life
- also utilize the saved interest to invest in some other instrument to create more wealth
This objective can be achieved by simply increasing the EMIs by a certain percentage every year!
This project is aimed at recommending you with strategies to achieve the above objective and also provide you with calcuations so that you can arrive at a decision of what suits you the best and increase your EMI by that certain percentage accordingly!
go v1.17
Running the API Server
# clone the repository
git clone https://github.com/AxiomSamarth/home-loan-optimizer.git
# navigate into the project folder
cd home-loan-optimizer
# start the server which runs by default at http://localhost:8080
go run cmd/main.go
Use curl to get home loan optimization recommendations like
curl -d '{"loan_amount": 5000000,"annual_interest_rate": 7.15,"loan_tenure": 15}' -H 'Content-Type: application/json' http://localhost:8080/strategies
[toggle] to receive JSON response of type []StrategyInfo like
[
{
"annual_details": [
{
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"annual_interest": 351253.80645822175,
"annual_tax_saved": 105376.14193746653,
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]Find the details of API Design and documentation on Swagger here
- Starting month of the loan is assumed to be April of the financial year.
- Only taxes saved on interest paid u/s 24 is calculated and compared.
- It is assumed that the borrower falls in the 30% tax slab of the old regime.
- Recommendation of alternative & parallel investment options to make the home loan effectively interest free
- Consideration of additional prepayments of loan during the recommendation calculation
- Consideration of sections 80C, 80EE, 80EEA during recommendation calculation
We are glad that you want to contribute to this project and make it better. Please refer to contribution guidelines and follow the guidelines.