We know home loan comes with the benefits of tax exemptions and lowest cost of capital.  
  
 From emotional standpoint - Closing early is good!  
  
 From pure finance standpoint - It might not be a best way to grow NW over the years.  
  
 It’s clearly an individual choice :)

Product Manager

Use calculator. 
  
 1. Use online SIP calculator to find if you do a SIP OF that amount (equal to your EMI) HOW much will you get in X years (x= number of years your home loan is pending for. 
  
 2. Calculate how much tax your are going to save in x years (x= number of years your home loan is pending for) 
  
 Add 1 and 2

Analytics Manager

Hi, maybe you can have a holistic view of your finances and see if the decision is good or bad? A financial advisor might to be right person to guide for same. Would you like a free consultation for same? You can reach me!

Hi There, I have a homeloan, instead of investing in stocks I am trying to foreclose my home loan. Me and my wife both comes under 30% tax slab. Is this good idea?

Welcome to Personal Finance's Private Community

Hi There, I have a homeloan, instead of investing in stocks I am trying to foreclose my home loan.
Me and my wife both comes under 30% tax slab.
Is this good idea?

I’m trying to close my homeloan

Network Administrator

I’m trying to close my homeloan- Grapevine

Hi guys, I want to take a home loan and also I'm repaying my education loan side by side. For this I need some advice on future actions. Can anyone help me to give advice on loans n all on personal?

Need some financial advice on loans basically

Software Developer

I have 12Lakhs in mutualfund and 8Lakhs in cash and 20Lakhs of Home loan, thinking to deposit the 8Lakhs in home loan, as sometimes I get worried that I have a loan to pay.

What's your opinion?

Home Loan pay off!

Software Engineer

What do you think of this split ? What would you change?

Living in BLR , earn 43LPA, sharing how I spend my money

Engineering Manager

Senior Product Manager

27M

Hey guys, need your guidance on how to handle this

2016- My brother started a powder coating business which become flop by 2020 because of poor planning and spending the loan cash for his personal expenses which made us fall into a debt of INR 35 lakhs. 

So we sold a land near our home and cleared all the debts

had some decent amount left along with it I took a home loan to renovate my home and we completed marriage for my brother also. 

Everything completed, My brother started to work in a Automation company and he earns INR 20k/m which is a decent salary in cbe

2024- He is again into debt of INR 5L (Online app loans, home credit, loan from friend, cc) because of his poor management,,Currently his salary is 25k. 

Thinking of his wife and kid, I sold some shares which was worth 1L and closed all the online loans, Even though that is done he still pays 14k EMI, balance which is not sufficient to run the family.

Now he’s asking me to help close other loans. I’m already paying home loan and if I take his debt to that will be huge burden for me.

I have some saving of 4L which I saved it for my marriage because no land left to sell and spend for my marriage.
 

Should I need to give him so he can close all the debts or how should I deal this?

Thanks for reading, I appreciate if you can guide me how to deal this

My elder brother is so irresponsible

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

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

I am a salaried and I have a personal loan emi of 23000 and the loan is pending for 2 more years.

I have an option to close this by paying the complete amount now which would be around 5.5 lakh.

Should I try and close loan first or allow the emi to continue and invest the remaining investable money from the salary ? Or any other suggestions

What would you be doing ?

Data engineer

Guys... I made some good decisions and ended up having an opportunity to pay myself 36 LPA but, that means, about 9.4LPA tax.

What do I do? I want to get a home loan so keeping a higher salary would make the banks happy but then I also lose almost half of it to taxes.

Any advice from high earners and other fellow startup founders?

Tax 😨😨😱

Founder

I am salaried & have opted for new tax regime. I have zero liability (no EMIs, etc). Closed both my home loan & car loan. I live in my own house.

My yearly tax comes out to be around 12 Lakhs. I want to know if there is a scope to save taxes continuing with zero liability. I would not mind appointing a CA but I have no idea how to choose the best CA.
1. How much does a CA charge annually?
2. Is it really worthwhile to have a CA given the above?
3. What are some questions I must ask the prospective CAs so that I can assess their capability?
4. Salaried people that have already appointed a CA can share their experiences.
5. Is there any off-the-shelf ideas I can get here to save taxes?

Need help choosing a CA to save taxes

Software Architect

I've got a package around 40 LPA with 4 yrs exp, with 1.8L as take home

Now, my parents are looking to buy a house at my home town (tier 2 city). It costs around 65L, so have to a loan of around 50L which will be around 65k EMI every month for the next 10 years

Also I'm passionate about working on side projects doing some part time gigs, share around 40k to my family for their needs. This house loan will have a burden on me for sure, do you think it's the right decision to take home now or maybe postpone it to later?

Is House Loan better early in your career?

Senior Data Engineer

Welcome to IT Company Discussion's Private Community

Hi, I wanted to take community's advice on tax saving suggestions to opt for and plan my investments. This is what I have:

CTC: 21L ( 19L Fixed , 2L variable pay  in CTC )

80C is covered, Currently I have 50L home loans. & Staying in rented house with 16k rent, Paying around 20k+ TDS. Where can I save? 

Plan me with total take home per month & tax regime to opt ?

Tax planning & suggestion in reduction of tax

System Administrator

It's been close to a year since I am earning a salary and this is what I do:
1. Invest a little less than 30% straight into MFs. I have three ongoing SIPs- small cap, flexicap and a Large + Midcap fund. (Planning to increase the amount further into these and not start a new sip)

2. Max out 80C by putting the entire limit in PPF, this is on top of what is by default deposited into EPF.

3. A little (inconsistently) into direct stocks as and when I find or get to know about a decent trade opportunity.

4. An LIC ULIP plan that my father made me subscribe to 🙂 (hopefully will end in a couple more years)

Tips from experienced folks will be much appreciated.😄

How do you invest your salary?

Backend Engineer

I stay with my parents in a tier 2 town. We have a 800 sq. ft house which is more than 100 yrs old. We are really scared of living in this home as it is fully damaged. 

Yesterday one incident happened one of the walls got demolished. Fortunately we were not there at that time. 

For the past few yrs, We wanted to reconstruct our home from base, but the total cost is around 20 lakh. 

I have been working for the past 2 yrs but hardly able to collect 3 lakh as I spent most of the money by giving it to my father during my sister's marriage.

Guys, can anyone suggest 🙏🙏 there is any source or platform from where I can raise funds. We need to raise around 14 lakh.

Guys need your valuable opinion!

Analyst

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

Hello Finance experts!! 

I need advice on how can I save money on taxes while selling a property. 

I want to sell a property and invest it in another property near my family so it’s easy for me to handle the property. 

Example scenario. 
The flat I want to purchase is 50L and the property I am selling is 40L. 
What do I do in terms of Loans and the cash at hand to save the most??

Thanks in Advance

Save taxes on Selling a property!

Consultant

Welcome to Data Scientists's Private Community

I was thinking to leverage my parents home and take out chunky 1 cr @8.6% with premise to make 15%+ in direct equity and mfs.

Asset belong to my parents with some contribution from me. I feel this is a relatively low cost capital way to get initial corpus and in long run gains will payback principal.

I am earning well enough to payback 0.5-1 lpm  worth of emis annually 

Does this sound as a wise plan?

Taking Loan against property to invest in stock

Bhai, this is vinaash kaale viprit buddhi. Please avoid this thought.

Hello All, any idea dos and donts of claiming house loan while declaring investment for income tax.

Claim of House Loan in Tax declaration

Senior Consultant

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🙏

I’m trying to close my homeloan

Discover More

Personal Finance on

by Blair Denver

Airtel payments bank

Need some financial advice on loans basically

Personal Finance on

by Coy Everett

Stealth

Home Loan pay off!

Bangalore on

by Aaron Olive

Zepto

Living in BLR , earn 43LPA, sharing how I spend my money

Adulting on

by Coy Lee

IBM

My elder brother is so irresponsible

Personal Finance on

by Kendall Carmden

PhonePe

How much maximum loan should I take ? Advice needed

Layoffs on

by Isaiah Carmden

Fintech Startup

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

Personal Finance on

by Kendall Carmden

Walmart

What would you be doing ?

Personal Finance on

by Matilda Lee

Jio

Tax 😨😨😱

Personal Finance on

by Kendall Carmden

Stealth

Need help choosing a CA to save taxes

Personal Finance on

by Kendall Denver

Stealth

Is House Loan better early in your career?

IT Company Discussion on

by Matilda Everett

TCS

Tax planning & suggestion in reduction of tax

Personal Finance on

by Jordon Gabriel

Stealth

How do you invest your salary?

Misc on

by Kendall Everett

Accenture

Guys need your valuable opinion!

Personal Finance on

by Kendall Olive

Optum

Should i go for home loan

Personal Finance on

by Jordon Nadeen

Wells Fargo

Save taxes on Selling a property!

Data Scientists on

by Isaiah Carmden

Stealth

Taking Loan against property to invest in stock

Personal Finance on

by Kendall Carmden

EY

Claim of House Loan in Tax declaration

Personal Finance on

by Jordon Carmden

US Based Startup

Advice for loan