Balance Transfer Fixed For Life Cards

Reduce liability for higher surplus

I am 35 and working in a multinational company. My wife worked in a private bank. We have taken a home loan and a loan of land bank where my wife was employed. Because of interest subsidy from his employer, our interest rates on home loans was much lower than the prevailing interest rate.

After the birth of our second child, my wife left afterwards and our interest rate was raised to do it on an equal footing with the public lending of the general interest. With a single income, I find it difficult to service both loans.

In making the home loan, we had not taken a loan PF, because we had a surplus of my overseas assignment.

Cost of our apartments is Rs 65 lakh, our liability is Rs 20 lakh (term of office stock is 11 years) and the loan outstanding land is Rs 12 lakh (term loan is eight years).

EMI for both loans are Rs 43,000. But two life insurance policies (with very small premiums) and balance Rs 6 lakh PF, we have no other savings. What is the best way to reduce liability?

- Sundar

Most young dual-income families agree more weight to real estate and ignore other asset classes. With very poor liquidity, as the people's struggle to cope in difficult circumstances, with one income.

To meet their standards of living than they swipe their credit card. This leads to greater responsibility. Your lack of savings in other asset classes is a classic example of this trend.

In this situation, there are some options you can use to get out of the mess.Which one is the increase in loan plan to lower your outgo months. The other way is to apply for a loan PF and opt for prepayment of your mortgage land.

Component with lower loan and more seniority, you can reduce your outgo months.

If your banker is unwilling to extend the term of your loans, "move the loan to a financial institution that offers over the repayment period. In doing so, you can increase your monthly surplus and also avoid being placed on The list of delinquent payers to credit. "PF movement with your Guests, you must improve your cash flow by saving in other asset classes so you can respond to an emergency.

If you receive a non-recurring income from your employer or other sources, do not use it to pay your mortgage until you have created sufficient liquidity to meet other needs.

Should I re finance my personal loan ? | Ancient secrets of the ...

I currently have a personal loan and 2 credit cards that I think of new funding into a single personal loan.

The loan is a fixed rate loan and I still have around 2 years or more left on it.

I watched a calculator personal loan to merge all these debts and repayments are 0.00 less per month than my current personal loan repayments, not to mention the extra money I pay every month credit cards.

The new interest rate if proceed) is less than the rate of interest I pay on both personal loans and credit cards yet.

The only drawback I see is that the personal loan to be paid in a few years now not being paid for 7 years.

I'm about to stop my income to my maternity leave has ended and hopefully not having to return to work for another 4 years (when my son goes to school), then the extra money would really practical yet. I'll be able to survive financially (we hope), but the extra money would really help.

Besides the extra interest we pay, are there other things I should consider before going ahead with this?I do not want to go ahead with this and then find it was a bad choice and that I should have left alone.