Hi Sir,
I'm 42years old. I've a outstanding HL of 32 lakhs with EMI OF 35OOO,12 more years of prepayment left and a car loan of 2 lakhs with 5k emi and 4 years left.I've 10lakhs in MF,14 lakhs in PPF,7 lakhs in FD's and 4 lakhs in stocks.My take home is 1.70 lakhs pm. Should i repay a part of my HL using my savings.Please suggest.
Ans: Hello;
You should repay your car loan fully and part of the home loan by utilising FD amount and direct stocks.
The MF and PPF holding should preferably be kept untouched.
The reduction in EMI should be transferred to more investments for retirement and other financial goals.
Best wishes;