How to overcome my Home Loan EMI issue ?

POSTED BY [email protected] ON February 19, 2015 4:33 pm COMMENTS (2)

Hello all,

I am a salaried person with monthly income of INR 85,000 and having a home loan from SBI of INR 3,00,000 for which the EMI is about INR 20,000. I am having surplus amount (money) with me by which I can clear this home loan but at the same time I want to buy new property also

my query is as follows

1. If i clear my home loan by selling off INR 3,00,000 from my kitty. I loose the money available for down payment of the Property

2. If I continue to pay the EMI, the loan amount for purchase of new property reduces (as 20,000) are considered as EMI in deductions

Requested some guidance in overcoming this tricky situation.

2 replies on this article “How to overcome my Home Loan EMI issue ?”

  1. Santosh Sabale says:

    EMI of 20,000 roughly equal to 20 lakhs. Compare with shortage in down payment of 3 lakhs only by clearing first loan. If u realy want to purchase another home see the tradeoff.

  2. Hi,

    I can understand your dilemma… but you yourself is clear about many things which is good.

    Your first issue:
    If i clear my home loan by selling off INR 3,00,000 from my kitty. I loose the money available for down payment of the Property

    You are right!

    Second issue:
    2. If I continue to pay the EMI, the loan amount for purchase of new property reduces (as 20,000) are considered as EMI in deductions

    I would suggest you to purchase this property too only if you have the capacity to pay EMIs. Plus, you also have to consider the money that will go in for maintenance of these properties and their future value. As per me, the property is down in Delhi and is expected to go further downwards only.

    For any other query related to home loans, I would suggest you to visit creditnation website which is India’s leading destination for loan requirement and consultancy.

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