For 2004 home loan, company secy could have paid EMIs till age 70

Though the quantum of loan was not really huge, the overall interest cost relative to family income has been high enough to adversely affect the Gupta family’s savings and monthly expenditure pattern. He says, “In 1992, even a person earning Rs 3,000-4,000 could save up to Rs 1,000. But now even with a monthly income of Rs 60,000, my savings are almost negligible.”

Given the switchover, the tax benefits and the appreciation in the property price to Rs10.5 lakh, Gupta may have a reason to smile today. But the home purchased is for living a life, not to make gains. There is no implicit real gain given the repayment burden.

Tomorrow: Sahid Parvez, 37, goes against Islamic tenets that do not allow taking or paying interest, to take a home loan, but ends up postponing marriage and working endlessly to repay it.

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