Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

48-Year-Old Man Wants To Reduce Loan Burden - How Should He Prioritize?

Milind Vadjikar |315 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 04, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by Anurag on Aug 29, 2024Hindi

Money

I have house and top up loans @ 8.7 and 9.0 % ( total values of loans are approx 51 lacs) where am paying regular EMIs and I also have education loan @ 12.1% now ( value approx 38 lacs now) where EMI is not started and going to start next month. Here I an having approx. 30 % reduction in income tax on interest. I want to reduce these loans to save the interest burden. Please suggest which loan to be paid/reduced first as EMI savings of house loans can be invested in SIPs where EMI of education loan will also start now. Presently I can arrange approx 20 lacs for loan reduction. Regards, Anurag

Ans: Although the rate of interest on education loan is higher but there is NO upper limit to the income tax deduction which you can claim under Sec 80E whereas home loan has an upper limit of ?2 lac for which you can claim deduction under Sec24 for interest on home loan. If you prepay home loan by 20 L and claim deduction for ?2 L interest payment, balance could be used to initiate SIP in equity MFs.

You can follow us on X at @mars_invest for updates

*Investments in mutual funds are subjected to market risks. Plz. Read all the scheme related documents carefully before investing

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

MoneyReply

You may like to see similar questions and answers below

Gaurav Mohta | Answer |Ask -Follow

Answered on Oct 14, 2022

Question by Nageshwar - Oct 14, 2022Hindi

Money

I want to make Rs 10 lakh pre-payment against my home loan account, Rs 5 lakh for tenure reduction and Rs 5 lakh for EMI amount reduction. Please suggest first I should make payment for EMI amount reduction or tenure reduction for maximum benefit.

Ans: You can choose to do it either way as per what your lender allows or even pay the entire amount at once and use half amount for tenure reduction and half against EMI. However, whether you will be allowed to do the same and if yes, whether there are charges and fees applicable on the same is something that is completely at the discretion of your lender.

Ideally, one should choose a lender with customer friendly schemes such as zero foreclosure charges.

Milind Vadjikar |315 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 09, 2024

Question by JB - Sep 05, 2024Hindi

Money

Sir, I am working in private company and getting 1.50L per month. I have Home loan, emi 30K and balance months are 55. Also I have CAR loan of 8L and EMI is 13K and balance months are 60. I would like to do some pre-payment. Kindly suggest where loan should i reduce.

Ans: I believe the interest rate on car loan must be higher plus no income tax deduction eligible on it hence it is advisable to prepay that first.

Latest Questions

Dr Dipankar Dutta |653 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Oct 04, 2024

Question by Mahi - Sep 24, 2024Hindi

Career

which college should i choose for btech CSE (DSCE or MSRIT)

Krishna Kumar |377 Answers |Ask -Follow

Workplace Expert - Answered on Oct 04, 2024

Asked by Anonymous - Aug 23, 2024Hindi

Career

Hi iam 42 years old person having bsc, mlt, msc mlt in cl biochemistry and having 8 years plus experience suddenly lost job, now i am job less please helpme to find new job

Ans: Hello

Sorry to hear about your situation.

Please reach out to your network of friends and family.

Approach placement consultancy firms

Talk to your professional associates.

All the best.

Krishna Kumar |377 Answers |Ask -Follow

Workplace Expert - Answered on Oct 04, 2024

Asked by Anonymous - Aug 22, 2024

Career

I am working in a software MNC for 10+ years. My company has been laying off people last couple of years as cost cutting measure. Now Management is putting undue pressure on me to resign to avoid paying severance. They are trying to implicate me in false PIP if I don't resign myself. What should I do?

Ans: Hello

I am sorry to hear about your situation.

My suggestion would be please talk to your seniors and your HR and address it in an amicable manner.

Rest it's always upto the company.

All the Best

Warm Regards
KK

Krishna Kumar |377 Answers |Ask -Follow

Workplace Expert - Answered on Oct 04, 2024

Question by Pravin - Sep 13, 2024Hindi

Career

I am resigning on 12 April 2024 and send all documents need FNF SEND on 17 June 2024 till date my FNF not settled last updated is from HR person pending from Finance division

Ans: Dear Pravin

I can understand your situation.

Suggest you approach your senior and also your HR manager and resolve it in am amicable manner.

All the best.

Warm Regards

Krishna Kumar |377 Answers |Ask -Follow

Workplace Expert - Answered on Oct 04, 2024

Question by Naveen - Sep 17, 2024Hindi

Career

My manager is harassing me and want me to resign from my post as she want another candidate which aligned for same role

Ans: Hello Mr.Naveen

I am sorry to hear your situation.

There is not much you can do accept talk to your manager in an amicable way and resolve it.

All the Best

Warm Regards
KK

Krishna Kumar |377 Answers |Ask -Follow

Workplace Expert - Answered on Oct 04, 2024

Asked by Anonymous - Sep 20, 2024Hindi

Career

Hi sir, My manager threating me on my resignation period if I will not meet the targets she will not do my clearance please suggest if she can do this thing..

Ans: Hello

I am sorry I cannot comment on the behaviour of an individual. Suggest you talk to your seniors and HR and address it amicably.

Warm Regards
KK

Krishna Kumar |377 Answers |Ask -Follow

Workplace Expert - Answered on Oct 04, 2024

Question by SUBHRANSU - Jun 06, 2024Hindi

Career

Dear sir, Kindly tell me what is the difference between dismiss and termination from services Regards. S. M. Pattanaik

Ans: Dismissal could be temporary, while termination is permanent.

Both can be on account of misconduct

Hope this helps.

All the best.

Krishna Kumar |377 Answers |Ask -Follow

Workplace Expert - Answered on Oct 04, 2024

Question by Mukesh - Aug 30, 2024Hindi

Career

Dear Sir I am at age 50 and recently have lost job and for the last 5 months I am not able to get a new one .This thing has made me very nervous and anxious and I have lost my proper sleep.Pls guide

Ans: Hello Mr.Mukesh

I am sorry to hear about your situation and I can feel what you must be going through.

Start taking daily baby steps for job hunt.

1. Reach out to your network through friends and family.

2. Approach as many companies as possible.

3. Reach out to your professional associates.

4. Apply through online job portals.

Wishing you all the best.

Krishna Kumar |377 Answers |Ask -Follow

Workplace Expert - Answered on Oct 04, 2024

Question by Salima - Aug 21, 2024Hindi

Career

My boss has given me pip for last year performance and my company has awarded me for last year performance..what do i do

Ans: Hello

You mean you have been given performance improvement plan by your firm. If that is the case then you need to work upon it.

Wish you all the best.

Krishna Kumar |377 Answers |Ask -Follow

Workplace Expert - Answered on Oct 04, 2024

Question by SUGAVANAM - Aug 07, 2024Hindi

Career

I AM 57 YEARS OLD AND HAVING VAST EXPERIENCE IN ACCOUNTS / DATA ENTRY WORKS. REQUIRES PART TIME DATA ENTRY JOB (1 OR 2 DAYS PER WEEK)

Ans: Hello

Please approach local accountancy firms and offices in your city. I am sure they will be happy to engage you on part time basis.

All the best.

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x