I HAVE 3 CREDIT CARDS AND 2 PERSONAL LOANS PUT TOGETHER THE OUTSTANDING COMES TO 7 LACS?

Question

I FIND IT DIFFICULT TO PAY MONTHLY EMIs. APART FROM THAT I HAVE A HOUSE UNDER HOUSING LOAN ITS OUTSTANDING BEING 4.5 LAC. NOW CAN SOME ONE SUGGEST HOW CAN I CLEAR THE LOANS. SINCE THE HOUSE IS UNDER LOAN I CANNOT AVAIL MORTGAGE LOAN. MOREOVER, IN NATIONALISED BANKS MORTGAGE LOANS ARE BEING GIVEN AGAINST HOUSE PROPERTY ONLY TO SENIOR CITIZENS AND NOT TO OTHERS. UNDER THE CIRCUMSTANCES, PLEASE SUGGEST SOME GOOD REMEDY

Answer 1

Best Answer - Chosen by Voters

It is unfortunate that you have incurred such debts which repayments are difficult to be met.
What is your total income?? How much surplus do you have monthly after meeting usual expense.
Cut down your expenses drastically and do not use Cr cards unless very necessary.
You must be having some assets to raise cash which do so and reduce your liabilities even in small amounts and installments. You have to resort to obtaining interest free loans from your elders and friends and repay the debts. Defaults in Home loan will prove you costly and ultimately you will be deprived of a Shelter. Pl revert back if you can submit missing details in your query.

Answer 2

you have not mentioned your income and your dependents.

Answer 3

Contact your banker and request him to re phase your Housing Loan i.e. extend the period of repayment (if maximum permissible under the scheme is not given to you in the beginning) This will reduce EMI. Credit card borrowings are very costly and must be resorted to only in case of urgent need.

Answer 4

The best thing is speak to the Bankers n dispose off the house at market /good price n settle the
dues n retain the balance in F.D.