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What are the investment strategies for managing loans? - Property Hotline
Posted
October 14, 2016
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27
October 14, 2016
27
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5:01Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor
Question: I plan to borrow Rs 39 lakh with 15-year tenure to buy a home. I earn Rs. 80,000 and pay EMIs of Rs. 10,500 on existing loans. I have Rs 10 lakh surplus, how can I use it to pay off my loan?
Answer: Let’s assume that you will retire in 15 years and hence cannot get a longer tenure loan. The EMI for a 15 year home loan of Rs. 39 lakhs @ 9.30 % is Rs. 40,000 approx which is 50% of your take home salary. 50% of your regular income is at the higher end of the spectrum as far as any bank is concerned and in your case the existing EMI of Rs. 10,500 will ensure that you may not be eligible for the full Rs. 39 lakh loan. If your surplus of Rs. 10 lakhs is over and above the down payment that you will require for the new home then you can use it for repaying those loans and reducing your existing EMI to that extent so that you are eligible for the home loan. You should, in any case, see if you can choose a cheaper home as blocking 50% of your salary in home loan EMI is a risky bet.
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