BQPortfolio: Can Purva Bajaj Pay Back Her Rs 1,00,00,000 Home Loan?
BQPortfolio speaks to citizens from across India about their financial goals and helps them access expert advice on how to achieve them.
Financial planning often involves juggling priorities. And a good financial plan helps you to achieve your financial goals.
Purva Bajaj, who resides in Mumbai, has bought a house in the city and is repaying a loan worth more than Rs 1 crore. If she follows the scheduled payments, she will take another 25 years to repay the debt. Bajaj, however, wants to prepay the loan as she aims to lower the amount she pays as interest.
But most of her surplus is used for paying the equated monthly instalments. And while she can raise the amount she pays back every month, this will come at the cost of her savings for other important goals, particularly retirement.
On this episode of BQPortfolio, Gautam Kalia, head (investment solutions) at Sharekhan, helps Bajaj to deal with her unwieldy home loan in the most efficient manner.
Watch the full episode to know more: