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The 30-year-old man, who earns Rs 2 lakh a month, said he was feeling stressed after taking a massive home loan.
The man purchased a house for Rs 1.6 crore and took out a loan of Rs 1.2 crore. (Representative Image)
Buying a home and managing a large loan can be overwhelming, something a 30-year-old man earning Rs 2.2 lakh per month recently discovered. He purchased a house worth Rs 1.6 crore and took out a loan of Rs 1.2 crore to fund it. Having never paid EMIs for the past ten years, the sudden financial pressure has left him feeling stressed.
Seeking help, he turned to the Internet for advice on how to repay his loan faster, and was met with an outpouring of practical tips from users who’ve been in similar situations.
The Man’s Home Loan Dilemma
Taking to Reddit, the man wrote, “I recently bought a house for Rs 1.6 Crore. I took a loan of Rs 1.2 Crore (Rs 1 Crore from a bank and Rs 20 Lakhs from relatives). I am getting paranoid since I took the loan. It’s been over a decade since I last had any EMIs, and honestly, this is overwhelming. My monthly take-home is around Rs 2.2 Lakh.”
Breaking down his expenses, he shared that he spends around Rs 45,000 on groceries, electricity, and other essentials, pays Rs 75,000 in EMIs, and spends another Rs 10,000 on eating out. He also sends Rs 25,000 to support his parents. After all these deductions, he’s left with about Rs 65,000 in savings each month.
Here’s What Social Media Users Suggested
Reacting to the post, a user suggested, “Take out 20,000 from expenses, eating out and parents’ support. So maybe try and reduce grocery and home bill by 5000, reduce restaurant bill by another 5000 and reduce parent support to 15K. Next, reduce your savings to 35K. So take out 30 K from this. You now have 50K, which you should prepay your loan every month. If there is a minimum prepayment amount equal to 1 EMI, put the 50K every month into a second savings account and prepay 1L bi-monthly.”
Another shared, “I took a Rs 50 Lakhs home loan in 2018 and closed this year. One thing to remember you can not beat debt with any other investments. First two years, I couldn’t save much due to low salary, but as my salary grew, I prepaid more on the loan while maintaining the same moderate lifestyle.”
“You are doing fine. Just do good at your job, keep a balance of 10L+, so in case you get laid off, you still have at least 3 months to get a new job. Your bills and utilities are 45K. Which is on the higher side,” a comment read.
An individual stated, “Debt or no debt, one should always maintain a lifestyle which one feels is comfortable (not too posh, not too frugal). This may vary from person to person; your frugal lifestyle is somebody else’s posh lifestyle. One should never compromise on comfort to repay a home loan.”
One more gave him very simple and kind advice, asking him not to stress too much because things usually get better with time. They said that since he earns well, he won’t face a situation where he can’t take care of himself. The person also said there’s no need to stop eating out, as spending Rs 10,000 on that is normal these days.
He concluded that the best approach is to focus on keeping the loan interest as low as possible. Additionally, the man was advised to invest his savings in safe and stable options so that the money can grow while remaining secure.
A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.
A team of writers at News18.com bring you stories on what’s creating the buzz on the Internet while exploring science, cricket, tech, gender, Bollywood, and culture.
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- Location :
Delhi, India, India
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