Keep paying emi and do a lump sum of the remaining amount when you have the money.

Isn't there a penalty or something to pay lump sum?

Founder

Try for a govt Bank...they are easy to prepay the loan...private bank are not..

UX/UI Designer

Keep paying EMI. Keep the liquidity as some emergency money. If you have extra cash laying around at the end of the month, pay more than the EMI. Small small contributions like these goes a long way in reducing overall tenure. Lastly, go for a government bank

Software Engineer

Use 4L from your savings to pay off the borrowings.

Business Development Manager

Personal loans typically have preclosure / foreclosure charges. Things to keep in mind while taking a loan - rate of interest, processing fees, foreclosure penalty, if there are any insurance or other kind of charges (you can choose to not buy insurance).  
  
 Personal loan interest is much higher than savings / FD interest rate. So best thing to do is to pay it back as soon as possible and close the loan.

Growth Manager

Next month I'll (26M) be taking a personal loan of 10L to pay off my family's borrowings.   1. Any tips on managing the loan? 2. I have a good credit score so I can get it through a national bank l...

Welcome to Personal Finance's Private Community

Next month I'll (26M) be taking a personal loan of 10L to pay off my family's borrowings. 

1. Any tips on managing the loan?
2. I have a good credit score so I can get it through a national bank like HDFC, SBI, etc.
3. Shall I pay it off in one instant in future or keep paying EMIs? I say one time payment because we plan to sell some property in future to get liquidity. 
4. Anything else I should take care of? 

I have savings of around 5L and I have a stable job for next 6-12 months (it's a startup so things are lil shaky right now). I plan to find freelance projects and increase my income. But this is the first time I will be taking a formal loan so it seems like a big and long commitment. 

Thanks!

Getting a loan soon, anxious about it

Getting a loan soon, anxious about it- Grapevine

Hello folks. While I'd like to remain anonymous very much, here's what I can share about myself.

1. Working in consumer finance.
2. Love personal finance and helping people out with it.
3. Have published 10,000+ pieces of financial content in the mainstream media.
4. Wrote a best-selling book on money management. It was No. 1 on Amazon once upon a time. 
5. Lately been appearing on TV regularly for personal finance discussions.
6. Saved like crazy through my 20s and 30s, brought two apartments; have an 8-figure net worth mostly thanks to my mutual fund investments. It's not much but it's hard-earned.
7. My unrealised aspiration is travel and I'm working on it now.

No, I'm not selling anything. No commissions, no referral links, no finfluencing. 

Just want to talk, exchange ideas, and learn from you all. Maybe I'll feature you in my next book. :)

Ask me anything.

Let's talk money habits.

Corporate Strategist

I have saved 15L in the past 2.5 years, and i am planning to buy a home worth 50 L in tier 3 city. I want to take a Loan of the remaining amount and i am the only earner in my family. Considering the current situation of Layoffs/Downsizing etc etc in IT,is it okay to take a loan and solely depend on my income for loan repayment. Im 25 rn and we don't have our own house. So need one. What are the other ways in which i can buy a home.

Should i go for home loan

Data Analyst

I am earning 1 lac per month and have a home loan of 47 lakhs .

How much outstanding home loan you have ? What is your CTC ?

Cloud Architect

people whose gross salary in the bracket of 11-13 lpa, please share tax saving tips or any video resource. Recently joined 30% bracket. Can we claim tax for under construction property too??

tax saving tips

I am planning to buy a house(but in my mother's name) maybe at the end of 2024 so I wanted to have some clarity on the questions below.

House price = 100 + other charges?
Suppose somehow if I have 70 to buy the same house and I need remaining 30 + other charges.

1. How to get a loan for the remaining amount considering the house won't be in my name?
2. Will I get a house loan?
3.Do I need to apply for a personal loan?

Please share your thoughts🙏

Advice for loan

Hi All,

I am interested in a property in my hometown that costs around 3.5 Cr. This property can easily be rented out for atleast 1.5 LPM. I have saving of around 1 Cr, should I take a loan of rest of the amount ? 

I make around 70 LPA, 54 is fixed and rest is ESOPs.
My wife makes around 12 LPA.

What do you think ? Should I take this loan ?

How much maximum loan should I take ? Advice needed

My Bank BOB is not giving me personal loan they are saying that as if now you are not eligible for this benifit. 
So where should I go for this ? Plz recommend any good other bank or fin-tech.

Personal loan.

Hi Guys, I wanted to ask one thing from experienced people here. I want to buy a 2/3Bhk flat worth 70-80 Lac after 5 years and right now I have only 5 Lac savings.
How should I plan properly to achieve this, 1 am afraid of taking loan and really scared of debt. Please suggest something.

Finance knowledge

Everyone's requirements will be different, mine is to buy a car how about your??

Why do we need personal loans ??

Team Lead

For folks who recently graduated and have education loan to pay with multiple small loans that family have taken. How do you all invest money and what portion. I earn around 1l per month and 30% of my income goes into loans. It’s already getting better with those small loans already paid over the course of starting few months but the problem is I am left with no sufficient amount of money to invest after deducting the living expenses. Should I wait for the loans to get over first and then start investing or just invest like 10k per month?

Tips for investment with multiple loans.

Software Developer

I worked hard to get home loan and paying it on time but had a few important things to do and due to that I had a debt of few lakhs ! Now in a bad situation though if I get time I will be able to repay all of them. Lenders are not ready to give time. Any genuine advice which can help me to get few months of time so that I can repay one by one ! 

Note: situation of my cousin who stay in kolkata with family and work in one of the MNC. Personally I helped him with some money though debt is high so seeking some advice for him to get some time to repay. Thanks !

DEBT 💸 TRAP 🪤 !

Account Executive

How to get out of the debt trap? Should I continue with debt? How to manage my investments?

Age: 23
Yoe: 1.5
TC: 26 lpa

Monthly Expenses:
Mutual Funds: 20k (Through Dezerv app)
Crypto: 2k (Bloomberg galaxy index)
Flat Emi: 25k
Car Emi: 10k
Petrol: 10k
Utilities and grocery: 30k
Activities: 20k

Life insurance: By company
Term insurance: By company
Emergency Fund: 1 lakh

Should I consider buying personal insurance?

There is a plot that I signed up from government, I did not take loan for this, but the development authority created an emi plan for me.
Basically 20 lakhs every 6 months for 3 years.
Since thats way outta my league to afford, there is a late interest fee which is imposed.
I try to put in any money I can make.

Net worth vs Debt

I know it's difficult to answer, depending on everyone's and family's needs. But ideally how much should one earn.. i am at 25 earning 10 lpa working in big4

I have retired parents who are dependent on me.. i have a loan to pay but I'm not sure how I will manage..if i have to marry in the next 5 yrs what should be my salary that i should target? I am assuming my partner will not work (though myself or my family is not having problems but i cannot force on my partner to work, it's her choice and hence considering she will not work to set a target how much should i earn?

How much should one earn at 25?

Im earning 1lakh per month in hand and I would like to buy a 3bhk flat worth 1.15cr in Hinjewadi near Pune this year.

Sharks pls guide in detail 

Also which home loans would be beneficial in long run

Feel free to DM.Ultimately your inputs as IT guys would be really beneficial.

Thanks

How much Home loan should I take?

Technical Lead

Folks that got laid off and had EMI’s to pay like Home Loans etc. How are you managing it?

Welcome to Software Engineers's Private Community

Finance Knowledge

Hey Grapeviners,

I need help from all the experienced folks out there.

I and my father have 2 loans:

1. Educational Loan EMI - ₹6500/month for 15 years (₹ 7 lakh loan)
2. Home Loan EMI - ₹22500/month for 9 years (₹ 17.5 lakhs loan)

I am 22 and started my full-time career this month and wanted to understand how to repay 2 loans along with my father quickly with less financial burden. (I am the only child)

My expenses -

1. Paying Home Loan EMI - ₹ 22500/month
2. Investments - ₹ 30000/month
3. Petrol - ₹ 5000/month
4. Miscellaneous - ₹ 5000/month
5. Left with - ₹ 20500/month (lumpsum)

Should I create an emergency fund for myself first with the remaining amount or what else should I do, totally blank in this case?

My father looks after the household expenses, education loan, and his own investments. Not sure, how much he is left with at the end of the month as I am not aware of his income. (He has a private job)

P.S. - 

1. I spend consciously and don't have a bad spending habits. I love to drive (bought a car myself in Dec 2022) and climb mountains, so I manage to do treks every 3 months.

2. I am rigid about my investment amount, so may not compromise on that part.  

Would be forever grateful, if I get some helpful suggestions.

Getting a loan soon, anxious about it

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