Hi Jagoinvestor Team,

I have been regularly reading the forums from last couple of months, you guys helped me out to get a direction in my financial life. As per your suggestions I have started Insurances and started investing in MFs. I have a question here.

Right now my Dad has a loan from a co-operative society which he took keeping our property as guarantee. The loan outstanding is 8.2 Lakhs as of now. The bank has increased the interest now to 15%. Currently the EMI is 10000 PM before the interest hike. I think the EMI will also rise in next few months. I am eligible for a personal loan with interest rate of 14.75% . I just want to know is this a good decision to take a personal loan and completely close the property loan.

I would like to know if I can substitute the Personal Loan with property Loan.

The advantage I find here is a slightly less interest and a more disciplined approach than what my Dad is doing currently.

I will even have the option to do partial payments (I may go abroad in a couple of months).

Thanks