Need help in deciding payment mode for Inherited Debt

POSTED BY nitinpro ON September 17, 2013 7:21 pm COMMENTS (4)

Hello,

I earn 32K per month. The house we are living in is partly registered in the name of my father and my uncle.Now my uncle needs money, the current value of house is around 36Lacs. So My uncle wants the money, so tell me the best way to pay off the house as early as possible and also I can save.

My uncle is ok with both EMI or lumpsum every year. I think to pay lumpsum of around 2.5L to 3L every year Or Should I go with EMI or around 20K to 22K every month.

I am married.

4 replies on this article “Need help in deciding payment mode for Inherited Debt”

  1. nitinpro says:

    Dear Ashal,

    I am not going to take bank loan. I have to pay that amount to my uncle..

    So tell me the best way to give him. He is ok with EMI as well as yearly.

    Thanks n Regards,
    Hitesh

  2. ashalanshu says:

    Dear Nitin, if you are going to purchase the property through bank loan, how can you fixed a yly EMI?

    Thanks

    Ashal

  3. nitinpro says:

    Yes I want to purchase the part of my uncle in the house.
    The house is the ancestral property in which my daddy and my uncle has share.

    But now my uncle needs money. Current value of house is 36lacs. So my uncles share is 18Lacs(50%).
    This is the house, where only our family lives. My father earns minimal and Uncle wants the money. So tell me the best way to give him money.

    Should i go for 20K every month or pay around 2.5-3lac every year by saving every month in RD.??

  4. ashalanshu says:

    Dear Nitin, are you going to purchase part of your uncle in the house through bank loan? I’m unable to understand your query.

    Thanks

    Ashal

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