Date: 2008-08-05 09:55:14
Query : I would like to clear all the loans by going for top-up and mortgage. Pls advice
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Date: 2008-08-05 11:10:42
Message:
To help me prepare a personalised debt consolidation plan for you, I need the following information from your end.
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1:
Loan 2:
You will also need to list your Credit Card outstanding and Net Income.
Looking forward to your response on this.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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Date: 2008-08-05 11:34:52
Message:
Loan 1: Housing Loan
240 Months, 14.75% Rs. 6252 55 EMIs
Loan 2: Car Loan, 35 Months, 6%Flat, Rs. 9870, 28 EMIs
Loan 3: Personal Loan,42 Months, 18.01% Flat, Rs. 4852, 8 EMIs
There is not outstanding dues on my Credit Cards. They are uptodate all the time.
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Date: 2008-08-06 16:11:41
Message:
Could you help me with the loan amount for all your loans as well.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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Date: 2008-08-06 16:16:04
Message:
House Loan : Rs. 5.00 lakhs Balance: 4.65 lakhs
Car Loan : Rs. 3.00 lahs Balance: 0.80 lakhs
P. Loan : Rs. 1.25 lakhs Balance: 1.18 lakhs
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Date: 2008-08-08 12:21:41
Message:
Your monthly net take home is Rs. 30,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 20,975 (assuming 5 % payment on credit card balance)
Based on the data provided, your eligibility for top-ups is as listed below
Principal Tenure Rate of Interest EMI EMIs Paid Principal Balance Top-up Available
Loan 1 500000 240 14.10% 6253.951261 55 470935.398 29064.60199
Loan 2 300000 35 9.66% 9869.783664 28 66916.49931 233083.5007
Loan 3 125000 42 30.15% 4851.68933 8 110045.3256 14954.67437
My recommendation to you is as follows
a. Opt for a top-up on loan 2. This should generate liquid cash to the extent of Rs. 2.30 lacs without any change in your monthly outgo, but your tenure will increase.
b. If the loan provider is able to offer a top-up with an enhancement, please take up the offer. There will be an increase in the EMI in this case.
c. Use the Rs. 1.10 lacs to pay off loan 3 as this loan is at 30.15%
d. The balance amount rs 1.20 lacs use to pay part of loan 1
e. This should bring down your monthly EMI commitments by about Rs. 9,475
You should ensure that all additional income is ploughed back to ensure that your debt is reduced. Please regulate your expenses and get into a habit of saving a portion of your salary every month. Prudence in expenses is the only trick to stay out of debt traps.
Do get back to me for any clarifications on your personalised debt consolidation plan.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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Date: 2008-08-08 12:28:15
Message:
Thank you very much for your response and suggestions. I shall go through this closely and revert back if any clarification requires. Otherwise also, I am happy with your suggestion.
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Date: 2008-08-08 12:32:47
Message:
Your most welcome.
Regards,
Amitoj Sethi
www.deal4loans.com
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City : Hyderabad
Employment Status : Salaried
Annual Income : 360000
Type of Loan Running : Yes
Loan Running : hl, pl, cl,
EMI Amount : 6252
Tenure : 240
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 0
Loan Running on Credit Card : Yes
Residential Status : owned
Vehicle Owned : 4 Wheeler