Sir iam 47year old woman and i have only one house worth 1 crore.but i already taken a LAP of 35lakhs.i dont want to sell my house but not able to pay loans.my husband is a driver by profession and he earns 20000per month.so kindly give me some guidance

Ans: You are brave to ask for support at the right time. You are not alone. Many families face this kind of situation. You have taken the first step to take control. That is very appreciable.

Your situation deserves a full solution from all angles. Let us now assess it in detail.

» Understanding Your Current Situation

You are 47 years old.

You own one house. It is worth Rs 1 crore.

You have taken a LAP (Loan Against Property) of Rs 35 lakh.

Your husband earns Rs 20,000 per month.

You are finding it difficult to repay the loan.

You do not wish to sell your house.

This clarity helps. You are emotionally attached to your home. That is very natural.

Now, let’s try to work out the most practical and peaceful solution for you.

» Issues with LAP (Loan Against Property)

LAP is a secured loan. Your house is the collateral.

Interest rates for LAP are usually high.

If EMIs are not paid, the lender can sell your house.

This can cause emotional and financial stress.

LAP does not give any tax benefits like home loan.

If you are struggling with EMIs, immediate steps are needed.

» Cash Flow Challenges

Your husband earns Rs 20,000/month.

That is Rs 2.4 lakh per year.

LAP EMI could be around Rs 35,000 or more per month.

If no other income is there, this gap is dangerous.

Delayed EMI can attract penalties and credit score damage.

You must act before default happens again.

» House is Your Only Major Asset

It is your only home. You live there.

It is worth Rs 1 crore.

But a loan of Rs 35 lakh is already taken on it.

You are emotionally attached and want to keep it.

That is understandable. But let us look at the options carefully.

» Emotional vs Financial Decision

Keeping the house gives mental comfort.

But the burden of loan brings daily stress.

It is important to decide what gives more peace – keeping home or becoming debt-free.

You need to strike a balance between emotional security and financial peace.

» Loan Restructuring as First Step

You can contact the lender and request restructuring.

Ask them to extend tenure. This reduces EMI.

Ask for a moratorium (temporary pause in EMI).

You may be asked for a co-applicant or guarantor.

Keep documents ready – income proof, bank statements, etc.

Many lenders give one-time restructuring for genuine hardship.

» Explore Converting LAP to Home Loan

LAP has higher interest rate.

If you are living in that house, check with your bank.

You may convert it into a home loan.

Home loans have lower interest.

EMI will reduce, and it gives tax benefits.

If conversion is not possible, try refinancing with another bank.

» Earn Extra Income Through House Itself

If any portion of the house is unused, rent it out.

Even Rs 10,000 monthly rent helps reduce EMI burden.

You can consider converting a portion into a small rental room.

If you have a terrace, solar panel rental is an option.

Look for income-generating uses of your property without selling it.

» Explore Work-from-Home Income Opportunities

You can try small online jobs from home.

Home tiffin service, tailoring, tuition, or other part-time options.

Even Rs 5,000 extra per month helps reduce loan pressure.

Your husband may take extra trips to increase earnings.

Every additional income source gives breathing space.

» Cut All Unnecessary Expenses

Review your monthly budget line by line.

Stop all non-essential expenses temporarily.

Focus only on food, electricity, school fees, medical, and loan EMI.

Avoid new EMIs, gadgets, gold purchases, or festivals on credit.

Cash control is the first step to come out of the debt trap.

» Emergency Support – Only if Urgently Needed

You can approach NGOs or women’s support groups for help.

Some state governments offer women entrepreneur schemes.

But do not take new high-interest loans to pay old ones.

That only deepens the problem.

Use external help only when absolutely needed and from trusted sources.

» Avoid Emotional Traps

Do not try to keep the house only due to social pressure.

House is a means to a peaceful life. Not the other way round.

Peace and debt-freedom is more important than holding on to property under pressure.

Think long-term peace of mind, not short-term fear or status.

» If Nothing Works – Partial Sale of Property

This is the last option but must be kept open.

If house is big, consider selling part of it.

Or explore joint development options with builders.

But only after legal and financial due diligence.

You can use part of sale money to repay LAP.

Use rest to buy a smaller home in same area.

This gives you a fresh start without loan pressure.

» Legal and Family Protection

Ensure all documents of the property are in your name.

Register a Will to pass on house to your family.

If any dispute or family pressure exists, speak to a lawyer early.

Don't sign any document blindly.

Your asset must stay safe from legal troubles.

» Avoid These Mistakes

Don’t take new loan to pay old LAP EMI.

Don’t invest in chit funds, ponzi schemes or gold loans now.

Don’t try to solve loan issue with emotional decisions.

Don’t delay talking to the lender. Delays increase your problem.

Take strong, early action to protect your home.

» Mental Health and Family Support

Financial stress affects health and mind.

Share your problem with trusted family members.

Ask your children or relatives to support even in small ways.

Keep faith. Many women have overcome bigger troubles.

Mental calmness is very important to handle this situation.

» Step-by-Step Action Plan

Talk to lender and ask for restructuring or EMI holiday.

Explore refinancing LAP with lower interest bank.

Check if LAP can be converted to home loan.

Cut expenses to bare minimum.

Increase income through rent or side work.

Ask family members to help temporarily.

If nothing works, explore partial sale or downsizing.

Protect documents and legal ownership.

Stay focused on becoming loan-free. Do not fear short-term change.

» Finally

You have taken the right step by seeking advice. That shows your courage. Many people remain silent and suffer.

You have one strong asset – your house. Protect it smartly. Use it to solve your debt issue. With some sacrifices now, your future can become stress-free.

Stay practical. Stay emotionally balanced. Your family depends on you. You will come out stronger.

Keep hope. You are not alone. Right actions now can give you peace for many years.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment