I personally hate having loans so would opt for closing the loan. However, excel/financial sense might or might not siggest otherwise

Hey @TeraBaap this msg is irrelevant to the current conversation. I wanted to ask you that as you are working at Slice. Could you please be able to refer me for any entry level Data Analytics role, if they might be hiring?

Data Analyst

I’d prefer finding you a better job but if you want, DM

Product Manager

Let’s go to fundamentals and understand.  
  
 It’s a personal loan, I am assuming rate of interest would be > 9%  
  
 If your investments can make returns > personal loan interest, yes you should. If not, no point dragging the loan and keep an extra liability.  
  
 At the same time, you should check on pre-closure charges.

Yes the rate of interest is around 11% 
  
 Thank you for your advice

Data engineer

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.  ...

Welcome to Personal Finance's Private Community

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 ?

What would you be doing ?- Grapevine

Can i preclose personal loan early? 19 emi s pending with emi amount 36k

Tech Lead

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

Software Engineer

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

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 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

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 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

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

Hi Community members

I have lost 20 Lack in the stock market now working in a corporate company. Now my monthly EMI (80k) is double than my salary.

I stay in a rented house with my family in Bengaluru. Salary what I'm getting is enough for my family's survival only. 
I have tried to do online side hustle, online tutor, home tutor, (nowadays most of them are fake) Now I do swiggy/zomato delivery also after my work hours. But still I'm unable to match the monthly EMI amount.

I'm seeking your suggestion on:
1) Do I need to continue with stocks?
2) What side hustle can I do?
3) Is it good if I reduce the EMI amount and increase the tenure?
4) What happens if I don't pay the EMI?


Thanks for your suggestion in advance 🙏🏻

20 Lack personal loan

Pre Sales

What is the biggest expense, how much do you save and how much do you invest

How much do you save per month?

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.

How do I pay 2 loans most efficiently?

1. Real estate (invested value)
2. Liquid cash
3. Other Investments (invested value)

The wealth should not be inherited.

I'm 30. No house, 10L in cash and 5L in mutual funds. No inherited weath.

How much wealth have you created yourself?

Seeing the comment section,I realise I am broke.

Frontend Engineer

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

Founder

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

Hi all,

This is in response to a survey I found on the app, where people voted mostly on reducing Tenure by prepaying their home loans.

As someone who works in lending myself, and in the light of the funding winter extending a few more Quarters, I would urge people to shore up their finances and keep control of your liquidity.

Be very careful when prepaying Home loans:
1. Loan is a service for which interest is a cost. The deciding numbers to prepay are the differential interest outgo (Loan rate-Debt fund rate) / 12 as a proportion of your monthly expense. It comes to around my monthly 1700 Rs for 10L of outstanding. 
2. DO NOT look at the total interest outgo. That is a misleading figure. Prepaying loan to save total interest over 10y is like selling your car 10y earlier to save parking costs or selling your TV to save Netflix charges. 
3. Prepaying is irreversible. If you run into cash crunch later, most probably, your financial standing and ability to get loans would decrease. Better to not prepay and enjoy the flexibility. 

Posting the parent link below.

When part prepaying home loan… - Grapevine.in

Do Not Prepay Home Loans!

Investment Manager

Welcome to Banking & Finance's Private Community

Currently, I have a corpus of INR 300,000 that I want to invest, and I'm seeking advice on the best investment options for this amount. Here’s a brief overview of my current financial assets:
     1. Mutual Funds (MF): INR 500,000
     2. Public Provident Fund (PPF): INR 200,000
     3. National Pension System (NPS): INR 200,000

Additionally, I have ongoing home and car loans with a total monthly EMI of INR 48,000.

I am a 27-year-old male earning a net monthly salary of INR 160,000. I also plan to start investing an additional INR 48,000 monthly and would appreciate guidance on how to allocate these funds effectively.

What would you be doing ?

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