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Date : Feb 21, 2009

Question

Sir, My name is Sunil and i work for a private company as a Manager. I have a annual income of 10.5 lakhs. My monthly take home is 61k. I have got my self into serious financial problem. I had availed a home loan from ICICI bank in 2005. Since i wanted to go for a renovation i took some personal loans to do it thinking that if i go for a top up the tenure will be too much. But my plan did go as per my wish. I landed up spending 10.5 lakhs instead of 5 lakhs which i had budgeted. As a result i had to take further loans. To add to this my marriage happened suddenly and i had to again take a personal loan. Currently i am having one home loan and 8 personal loan. My monthly EMI burden is 1 lakhs whereas my income is just 61k. I do not have any other source of income. I have approached 3 or 4 banks for taking over my home loan with a top up so that i can clear of all the other loans and have one loan. My current principal outstanding on all loans is around 37 lakhs. So i am approaching Banks for a take over (25 lakhs) plus a topup of 15 lakhs. So if i get this my EMI burden will be around 44k monthly which will leave with me a surplu cash of 17k monthly. But banks are rejecting my application stating that my EMI burden is too much. I am totaly screwed up and i do not have any other option other than to run away from my house. Can you please let me know if there is any option with me to come out of this situation.

Answer

You can approach an existing lender for a consolidated loan based on your income and debt repayment track record. You can also approach a debt counsellor to help you take care of your debt. Default on payment will make it difficult to get a loan.

 

 

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