I’m 29 years old and earn ₹90,000 per month. Last year, my father pressured me into buying a house on loan, despite already having an existing education loan with an EMI of ₹20,000. Now, with the home loan EMI of ₹52,000, I’m left with very little to cover my living expenses in a metro city. To make ends meet, I’ve been relying heavily on credit cards, which is adding to my financial stress.
I feel trapped—despite earning well, I have no savings and mounting debt. I’m now considering selling the house to free myself from the EMI burden and regain financial stability. Would this be the right decision, or am I making another financial mistake?"
I believe if the property is in a good location that would yield good returns in future.. EMI will be temporary, you will have less money for other stuff.. if you think in the coming year or two you can increase your salary then do not sell property.. and anyway when you repay your loan step by step you will be thankful for yourself atleast you have a descent house.. think for long term. all the best:)
Here the situation is a little different, I am a girl and I am planning to get married this year but with this financial condition I am scared I would be a burden to my would be and more over my father promised me that he will pay half the amount now he is denying this and asking me to pay full 72k in emi
That's what is making me depressed
I see. Just speak about this with your father and be on the same page.. and show them your entire statements. How much you are earning and how much EMI is going out and what else you left with..
Firstly, I want you to be a little bit more independent, learn about real finance and finance management from youtube, don't blame your father when it's u who took the decision, he simply suggested, it's u who earned the money it's u who went for the home. Secondly, a father will always be your first point of releif in life. So go to him explain him all without any guilt and ask him if he has any savings to lend you money for now, with that money clear small emis, continue paying other emis, search better jobs and pay back your father without fail.
There no ego in telling your parents about your financial or metal condition. Go for it, and trust me u will have a strong father son bond after this.
Her father promised to take half the burden of EMI. Once the loan's EMI started, he refused to pay the half amount. Doesn't seems like a father with strong spine. She should consult professional tax and wealth advisors to not get manipulated again
Lol, bruh, u don't know sh*t, why his father stopped paying EMIS, u don't know the reason and even if there isn't good enough reason, the father can never be blamed. Did the father not give him education, food, and the best what he could gather, that's enough what he could've done. Just remember there are millions with no parents who are trying to live a day by making ends meet, and u dare say his/her father doesn't have spine. I'm guessing u r that GeNz who don't know anything except for scrolling your phone, reels all day. Long gone are the family values.
Personal Question: In whose name has the property been bought? In your father's/mother's name or your are the owner?
My mother's name
It seems your parents want return on investment from you whatever they have been doing/investing on you for all these years. Anyways if you are not getting anything from this then talk it very clear to your parents or one of the parents.
I am also in the same condition of yours but atleast my parents are supportive.
My first suggestion would be try to change job, at least something which can cover your current situation well, or if you have good rapport with your senior, see if you can get a raise. You can try to get your emi down by 10-20k or so. You might end up paying more interest, since most interest portion is concentrated in initial years, but you’ll definitely have a breather. Second option, in case your house is in a prime or near-prime location, or in some tier I city, do some math and if things fit, let it out on rent while staying at a much affordable place till things iron out. If you are yet to marry, an earning better half can also help, but that all depends on a lot of other personal and family oriented factors. I am really not able to make out how the discussion with your dad would’ve gone.. if it was clear the financial burden is too much and he is not actively contributing (is he?), then what was the rush? House is the biggest financial decision of life, and should be avoided making under pressure. Option of selling it will depend on factors like location, how close and good deal it was to circle rate etc., which I cannot comment on. All the best buddy.
The house is not in her name. Forget her spouse helping pay that emi, most may not even want to get into such loan mess.
Yes SELL. You should have never bought it, that too in the name of your mother/parents, NEVER on loan! Or may be just stop paying the EMI and let Bank capture the property. Tell your father that you are going to do it, he can save the property if he wish, from his income.
Even if you had been a boy, I would have suggested the same.
And you are a girl with marriage coming up. Forget any guy agreeing to marry with such kind of loan EMI (unless it is long running love marriage).
Middle class parents are so obsessively insecure and highly doubtful about their children. They think their grown up, well educated children always remain stupid and they will throw up their earned money into some lavish stupid things like betting, drugs, liquors, partying etc. So many of them force the earning children to make such costly buys so that you have a safe investment and you have no money left to splurge on your life’s materialistic items. This makes sense on some levels, but is so stupid on so many other levels.
This whole thing happened when my parents found out about my love and the guy still agreed to marry me with this kind of loan but I myself feel I will lose my independence and be a burden to him once I get married
Well... eh... there are parents and then there are parents.. my father gave me pocket money even when I was earning... forced me to save all my income till I got married... at age 45 now, I have LARGE ppf, mf balance, 2 loan free rental Properties & a 3rd rental property on loan. I still live in family home with parents... and no we did not came from wealth... pretty middle class salaries household upbringing... I do understand that not all situations are same though empathize with the OP.
The only financially prudent decision here is to sell immediately. No need to have a high EMI; you will always be playing catchup.
You should have mentioned that you're a female, and that changes the whole conversation direction...
Buying a house is mostly is a good investment, however in you case the EMI is too high. IMO all month emis combined should not exceed more than 50-60% of salary This leaves space for leading a good life, planning marriage and other investments etc
Bro, I would suggest as per the clause with builder, if you can sell the house now (few builders have clause that you can resale property after completion of 40-50% of payment), would be a wise decision. Probably invest in another house later where more comfortable with EMI amount
Another thing you can try is increasing loan term to reduce EMI amount, but that won't help much I think, considering it's already too high
I was in a similar boat and sold that property (got 20% returns too) to invest in better property as per my convenience
Get a working wife
I am that working wife
How did the bank underwrite this loan with a salary of 90K and an existing EMI of 20K?
This looks like a fake post.
The education loan is on my father's name and recently the education loan emi started and he paid 1/2 emis but he got some health issues like he is having severe health issues so from past 9 months I am paying both the emis myself bcz education loan is taken for myself and I can't let the bankers come to my house and question my parents
Even if we deduct the education loan EMI, still bank would not underwrite a housing loan of 52K against a salary of 90K.
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