Hi Sreekanth,
Am having two houses, EMI of first house got completed and staying in that house.
EMI of Rs 30,300/- for 2nd house with rental income Rs 8500/-. incurring loss due to less rental income.
Current Loan balance is 23.3L. As per latest statement interest in EMI is 2.28L
Not able to sold now due to current market condition. Need your expert advise.
Is it advisable to re-pay partial housing loan using EPF Partial Withdrawals and reduce the EMI?
Had contributed to PF more than 13 years, my approximate corpus is 15L
Reduction in EMI can be invested in MF / other instruments.
4 Answers
Hi,
May I know the details of your other high priority Financial goals & their time-frame? Have you been adequately saving / investing for your Retirement goal?
What is the reason behind investing in Second property?
Hi,
You can claim the loss on property in your income tax return (up to Rs 2 Lakh).
Normally, I do not advise to withdraw PF balance, as it is your long term savings.
If you are unable to save much for your high priority goals like Retirement .. you may withdraw some EPF amount, part-pay your home loan to certain extent and start investing the saved EMIs for your long term goals, in better investment alternatives.
Kindly read :
https://www.relakhs.com/list-of-best-investment-options-schemes-in-india/
You may also go through below articles ;
https://www.relakhs.com/epf-partial-withdrawals-epf-loan-rules/
https://www.relakhs.com/online-epf-withdrawal-facility/
https://www.relakhs.com/new-epf-composite-claim-form-single-page/
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