BQPortfolio: Should Shashank Tripathi Get Rid Of His Home Loan Or Save For Retirement?
BQPortfolio speaks to citizens from across India about their financial goals and helps them access expert advice on how to achieve them.
Shashank Tripathi bought a house in Pune. Tripathi, who now lives in Canada, is repaying a home loan with Rs 17 lakh still outstanding.
Since non-resident Tripathi can’t avail tax incentives on his loan in India, he wonders if he should speed up repayment. On the other hand, he also wants to save at least Rs 1 crore in the next 15 years for his retirement.
Tripathi’s expenses, including the equated monthly installment for the loan, eat away a little over half of his earnings. He’s left with enough amount to either start working towards his long-term goal or prepay.
In this episode of BQPortfolio, Rohit Shah, chief executive officer of Getting You Rich, advises Tripathi about the best way to plan his finances.