Getting a loan and buying a home can often make you feel paranoid, which can also be overwhelming. This has been experienced by a 30-plus man who makes about Rs 2.2 lakhs a month. After all of his expenses, he is left with a savings of Rs 65,000. This person is having a hard time closing the EMI. He has taken to Reddit to seek help on how to pay back his loan faster. His post has struck a chord with many on social media, with users offering him practical tips.
Taking to Reddit, the man said that buying a house and taking a loan can sometimes make you paranoid and, at times, can also be overwhelming. “I recently bought a house for Rs 1.6 crore. I took a loan of Rs 1.2 crore (Rs 1 crore from a bank and Rs 20 lakhs from relatives). I am getting paranoid since I took the loan. It’s been over a decade since I last had any EMIs, and honestly, this is overwhelming,” the user wrote.
“My monthly take-home is around Rs 2.2 lakhs. Here’s how my expenses currently look: Household expenses (groceries, utilities, etc.): Rs 45,000, EMI: Rs 75,000, Restaurants & eating out: Rs 10,000, Support to parents: Rs 25,000, Savings: Rs 65,000.”
The man said that he is finding it difficult to close the EMI and sought help on how to repay his loan faster. “Can you help me plan to close this EMI at the earliest? Realistically what should be timeline I can have in mind for closing the EMI,” he wrote.
Netizens react
The post shared on Reddit has received mixed reactions, with many advising to cut down on unnecessary expenses and many others saying that Rs 65,000 savings is a fair amount.
One user commented, “Instead of saving the 65k, pay monthly 50k towards your principal. Have a rainy day savings of 15k a month.”
Another user commented, “Pay the relatives’ money first otherwise they will dance on your head.”
“Reduce or cut down on restaurants & eating out completely for sometime till you finish paying debts, also support to parents reduce that too for a while,” said another user.
“Everything is well under control. Reduce unnecessary household expenses and eating out. Pay off one extra emi a year. Its all good,” one user commented.
“Just shop around for other jobs that will pay more,” one user commented.
One user commented, “Being 30+ and taking 30 year loan is big no.”
“You have 65k savings that is actually good,” said one user.
One user commented, “Brother are you kidding, I’m sitting here with a 1.7cr loan with a lesser salary than you and still confident that it’ll be good.”
