If you wish to be part of the Money Matters series, please fill up this form: forms.gle/Tmbo2nUTnhn9vjpG7 Money Matters is a series where I have conversations with normal people such as you and I, on your personal finance issues. It is important to note that I am NOT a financial expert, I am NOT SEBI registered, and I am NOT qualified to give financial advice. Everything that I say in these videos is purely through my own experiences. - So these videos do not offer any stock tips, or specific mutual fund recommendations or get-rich-quick schemes. - I am not selling any product or service through these videos. - None of the brands that I mention in these videos have paid me to mention them, unless I explicitly say so (and I will say if the video is sponsored). This also means that my advice may not always be the right advice. So incase I make a mistake, the best way to correct me will be to share your point of view in the comments, so that everyone can benefit from it. I am not perfect, nor claiming to be either and would love to learn and grow. The idea is simply to help people with their finance journey and through their story try to help others who may have a similar story. If you wish to be part of this series, please fill up this form forms.gle/uj9JPUBp8Wo9nZQi7 My Money Apps: Indian Stock Investing (Zerodha): bit.ly/3iYKROh Mutual Fund Investing (Coin by Zerodha) (You will need to create a Zerodha account for it first. Coin is free): bit.ly/3iYKROh US Stock Investing + Investment Tracking (INDMoney): bit.ly/3tT5moR Portfolio Investing (Smallcase): bit.ly/3u0is0I Corporate Bonds (Wint Wealth): bit.ly/3sbUI8c How to pick the right insurance (Ditto): bit.ly/3xFh7OU The above links are for products that I personally use for my own investing. If you create an account on any of these using the above links, I stand to make a referral income from it. 100% of this income is contributed towards the education of kids who cannot afford it. In 2021 we contributed 38L, in 2022 we contributed 53L and in 2023 we contributed 52L. DO NOT assume that these are the best products in the industry. Please do your research and let me know if you have any questions. My bestselling books: 'Make EPIC Money' here: amzn.to/3WHJ43F ‘Get EPIC Shit Done’: amzn.to/4fK1IR5 ‘Do Epic Shit’: amzn.to/4fK9uuv My gear for shooting this video: 🎥 Sony a7III camera: bit.ly/3M42wAV 🎬 Sony FE 24-70 f2.8 Lens: bit.ly/3KCCiF0 🎙 Shure SM7B Microphone: bit.ly/3O1NAVA 🔆 Fill Light 60W: bit.ly/37aJolP 💡 Key Light 150W: bit.ly/3O9nyjs 📽 Benro IT15 Tripod for Sony a7III camera: bit.ly/3O4PvJ1 The above links are on Amazon. If you buy any of these using the above links, I stand to make affiliate income from it. 100% of this income is contributed towards the education of kids who cannot afford it. In 2021 we contributed 38L, in 2022 we contributed 53L and in 2023 we contributed 52L.
The best option in this situation to get out is ...... Sell house to known person at slightly less amount But asking him that we are going to continue living here and will pay regular rent as per contract Loans can be cleared and rents can be paid from corps available from selling house Later in life if they are able to recollect adequate amount they can buy same house say after 10 ys by staying in same house Clause : You can only sell to someone genuine so that you can live there for couple of yrs for whatever rentals are asked by new owner
Loan: 70Lakh Asset: 2.5cr 2.5cr-70l= 1.8cr Still his family owns asset of 1.8cr which is far better situation than in most of Indian household, we majority live in home costs under 1cr only with no such high income profession.
Correction - debt is 50-70 lakhs, watch video again. And there is nothing to be proud of taking 50-70 lakhs of loans to do a business and that to leaving that debt on ur children's shoulders. They r just lucky that they have a house worth this much money. If they had a house worth equal to their loans then they have to live on rent.
Here is my suggestion 1. Sell this home at 2.5 Cr 2. Pay off all the loans - left with 1.9 Cr 3. Now no EMI , so stay on rent for 3 years ( 25k Rent + 30k expense ) 4. Total income after monthly expense is 1.3 5. Invest 1.9CR flat + 1.3 L per month for 36 months @8% FD rate. 6 after 3 years you will end up at 2.8 Cr back 7. Now decide what to do. Assuming salary of their son gets increased to at least 20% overall in 3 years.
My recommendation would be - Option 3 you can refinance the loan by converting you loan from personal loan to Secured loan i.e. you can mortgage your house and reduce your loan interest. Option 4 - As you said your house has mutiple floor and if possible you can sell individual floor. Then you can pay your loans from that.
Option 4 would not be feasible, as in Gurgaon, minimum per sq yd price is more than 1.5 lacs. So his plot size is less than 150 sq yards. And in Gurgaon, individual floors can only be sold if plot size is bigger than 168 sq yeards.
@@ankurjain83 Thanks Ankur for the info. Didn't knew about such regulation in gurgaon. There might be other legal issues as well. So its better take help of an expert.
I can relate a lot with it Vishnu but one thing for sure “ye waqt bhi gujar jaega” you are the biggest supporter to your family so don’t lose your patience and just focus at what you are doing currently. I am happy to help whatsoever i can.
This is such a touching story, literally goosebumps on hearing about the struggle Vishnu is facing in his life! May God give him strength to power through!❤
We oftentimes underestimate what we are getting and feel like we should get more, but then there are situations like this where one is barely managing to secure his family. I personally believe second option will be the correct choice. All the best to Vishnu and his family. Great podcast Ankur
Vishu selling house will be the best option as after doing this you may have around 20-30 lacs in hand that will give you fix return and 1 positive thing will be that around 1.80 lacs will be on hand every month so after deducting expenses you might be having minimum of around 50k to 1 lac saving every month and will add to your additional corpus . This will give you freedom to save money and live life ..... Well guided by Ankur , I really appreciate ankur efford
Just curious, Warikoo has 4.5 crore subscribers. What if he gave him 25-30 lacs to help him? Warikoo must be earning at least 1 crore each month from TH-cam only. He will at least make 50lacs with this video itself
Relatable At the age of 26 I took the responsibility of my family business which had a 78L loan. With a family income of just 35K only through business. 65K I use to pay purely interest. Only having an asset of 20L small house. Now age 29 i got a job of 12LPA and i stabilise the business and now I have loan of 60L. With a family income reaching 2L. I Paying 1.2L as EMI and interest. I feel it’s part of life if u don’t have problem then ur life is boring
Have been through this situation… my situation was even worse… but believe me tough times are a blessing builds character and brings resilience once overcome you realise there is no high limit to achieving something high! Only one advice don’t sell the house telling from my personal experience…. Keep trudging along!
Dude bechne ki bhi zarurat nahi hai aap use mortgage kar do house ko bank ko aap ko market rate ka 60%mil jayega.agar jitna loan hai utna lijiye agar 70 lakhs lete hain to 70 thousand ka emi ayega or tenure 15 years ka hoga…..aap usme reh bhi sakte ho rent pe bhi reh sakta hai…..aap dono mil k ghar chala sakte hain…..please consider it…🙏
@@VenkataRaghavaRajuAlluri thodi si maths use karte to shayad aisa nahi bolte….abhi jo loan chal rahe hain wo 16to 17 percent tak k hain mortgage loan 9to 9.75 tak milega and wo unke rent se meet out ho jayega or unka asset bhi nahi jayega jo by time tezi se grow hoga coz property prices in Gurgaon is going up very fast and it would be impossible for them to buy again and sath me agar unhone becha to unko heavy rent pe bahar rehna padega…..hope ab apko samajh a gaya hoga…..
अंकुरजी मुझे पहले लगता था कि आप एक और influencer हैं, जो यूट्यूब अथवा अन्य माध्यमों से अपना आर्थिक लाभ करना चाहते हैं । परंतु मैं आपके money matters को देखने के पश्चात मेरे विचार पूर्णतः परिवर्तित हो गए हैं अपने अनेक याचकों के वास्तविक आर्थिक समस्याओं का उत्तम निवारण कर उचित समाधान दिया है । मैं इस चैनल का एवं आपका आभार व्यक्त करता हूं 🙏
Vishnu bhai is a symbol of determination and steely nerves! I’m sure he will overcome this and be successful in life! May god bless him and his family ❤
This is one of my 2 or 3 TH-cam comments. Great suggestions to Vishnu Sir as a brother. Heart touching. Kudos to Both Vishnu and his brother entire family for their unity in tough struggling time. Wish him and his family fast recovery from health and financial problems and wish him happy life what Vishnu thinks and deserves.
Would hv liked ankur to explore and explain if selling just one floor of the house would be feasible or not. Hats off to Vishnu for talking about personal financial troubles on a public platform. It takes a lot of courage. Wishing you come out of it soon.
Great thanx to wariko sir for giving his precious time to solve problems of persons like us.. it is not easy to work for society and teach them.. we all know his time is money ... But giving time to us is absolutely great
This video is just an reminder for all people who takes all those little things for granted in their life, not realizing some people have it worse than us without any of their problem. this video i will keep coming on to become humble in life
best episode in this series @warikoo !! A big callout in this one - handling finances is part of our inheritance as well. Time and again we find ourselves repeating financial errors of our elders. It may look like obvious mistakes to outsiders, but very difficult to break away from. Great episode, very relatable!
Kudos to Vishnu and his braveness to share the details openly. Tons of thanks to Ankur to listen to him patiently and think like his own problem. This is going to help many people. I only subscribed to Ankur's channel 3 days back and now this has become my primary school for my financial education.
Option - 3: Take a mortgage loan on house for @ 9 - 9.5% to 10% for 70 Lakh, pay all other loans with this loan. The EMI whould be around 1.5 lakh p.m. for 5 year repayment and 95000 p.m. for 10 year repayment against the income of 2.35 lakh p.m.
This is one of the excellent & most required series sir especially for our Indians. Great initiative. Thank you so much for your most valuable service. 🙏🙏
This is so scary, its like a deck of cards where 1 card is what it will take to bring it all down. After watching multiple videos on this series what i leared is: 1. stay away from loan if you can 2. There is no investment without making arrangements for debt 3. Buying a home is important but if the debt is so huge that you have no emergency fund, no investment, no security and its a month to month or hand to mouth situation you're better of without it. 4. Finances and emotions cannot go together and elder family members need to learn that the house they are trying to protect will bring the family on the road. 5. Keep a certain amount of money hidden from everyone the only exception can be your spouse, confidence is what you should not offer to your parents/family if they cant make sound financial decisions and are emotional about spending money for their own good when there is an emergency.
This is very emotional segment that how life is hard so before it becomes hard we should be ready for it by doing something good in life interms of savings.
I have to say you really speak the best with great examples and nice words and emotions. You really inspire us just by the way you talk. Thank you for all your efforts
Vishnu bhaiya apko aur apke bde bhaiya ko mai salute krta hu jis trh apne aur apke bhaiya ne sb chizo ko smbhal rkha hai salute hai mai bholenath se prathna krunga ki uncle aunty jld se jld thik ho jaye aur sath me apki sbhi preshaniya bhi jis trh aap apni personal chizo ko leke compromise kr rhe ho sch me ye ek acche bete ki insaani hai
This was exact video I could relate to !! Thank you so much for making this ! Somethings which can't be explained but yet needs solution! More power to you Vishnu bro!
26:00 I would like to add one point here, that the Bank’s ROI charges on Reducing balance method, effectively it will come around 10% approx. Further ROI from relatives is 12% fixed. Please compare the total outflow before proceeding . Thanks Further I am totally agreed with ankur sir second option, otherwise life will be miserable. More power to you vishnu, I can see the Pain behind your smile, dont worry this shall pass also.
Option 2 should be the perfect choice for you, considering the immense amount of tension you and your brother are facing with his chronic illness. It's much more viable to sell the house and receive a lump sum of money to sort out all the loans. Vishnu, you and your brother are true fighters, and as Ankur mentioned, assets like these are meant to be a savior during such crucial times. You never know what tomorrow holds, and being a doctor, you'll also agree that illnesses don't come after giving you a heads-up. Yes, you might have a lot of emotions attached to your house, but at this time, you have to find a clean way to clear up everything and lead a tension-free, and most importantly, safe life. That will be my suggestion for you, brother. Stay strong, and everything will be fine.
Try to get Aayushman card for ur parents which providers 5 lakhs health cover each & can be used in some private hospitals too. 2 of my family members got free treatment recently on that card , one for heart operation& other for eye
Mortgage loan will help their family, term insurance and health insurance will protect their family, after a mortgage loan they will have some money even for investment from which they can be happy.
Until I watched this video, I thought I had a lot of issues in life. But Not anymore after I watched heard Vishnu’s story. I’m so grateful to God for what I have and what I don’t have. I hope Vishnu, you get out of it soon.
I can relate to the situation. Stay strong, Vishnu, and everything will be fine. Please check if you can take a loan against your house, as it may have a lower interest rate. I am sharing my thoughts; please don't take this otherwise. This is for other viewers and Ankurji: Can we help Vishnu within whatever limits we can? As I can see, there are 94k viewers who have already watched the videos. If each of us contributes at least 10 Rs, approximately 10 lakhs can be raised, which may help Vishnu in some way or another.
As we belong to the same (medical) fraternity, and as a 30-year-old who completed his MD just last year, and is therefore around the same age group, my advice is a bit different. Vishnu, as soon as you complete your PG, join any hospital in as integrated a town as possible (if there is no bond or you can postpone it). It will give you a salary of 2 lakhs per month, can go 4Lakh+ if you do some freelancing. It will not only double your family income but also give you the mental peace of having 15-20 lakhs in your bank account, or one lesser loan to taking care of, which you will need the most while preparing for super specialization. As there are chances that you will get an even lesser stipend during super specialization, you may extend this working period a bit longer too. Buy a term plan with approximately 2½ crores while earning well.
Sir is a doctor really earning even 1-2 lakhs per month at the age of 28-30 after PG that is like the basic need in today's time to stay in a metropolitan city . I am very confused about my decision sir , i want to be a doctor to help people and more importantly because I like studing about the human body but sir I also don't want to be in a situation where I have to really think hard on managing my expenses if I have worked so hard to be a doctor. Is doctor's profession really financially full filling in the early stages (25-30 years of age) or is it out fate to settle down late and start a family late and manage in a little money and still help others? Please help sir due to these thoughts I am not able to even focus in my studies. I am a neet ug aspirant should I think about these things or study without waiting or critically thinking about these decisons. (P.S. - I have high chances of getting selected in a government medical college sir, I have my exam in like 4 months should I take mbbs or should I do something else. Money is important for me sir maybe not 1st priority but IT IS definately my second priority.
Hi Vishnu, you guys are doing a great job looking after your parents and the finances. For your financial situation I assume the overall loan is about 12.5L + 10L +35L which comes into 52.5L. You can opt for mortgage loan it would be around 9.5 to 10% with 25 years if you take 60L it be around 55k per month. If you pay one extra emi every year and increase your emi payment by 10% you can close your loan in 10 years.
3rd and better option would be taken a Loan against property (LAP) for 15 years , for a 50 lacs amount monthly EMI would be 50-55k which you can pay off from your rental income. In that scenario your father's emotional damage will be minimum. After 3/4 years when your studies are over you can repay it with prepayment option. 🎉
Absolutely genuine and completely relatable Money matter episode… no provisions or political support for a midelclass incometax payer and stuck up in debt trap….😢
Vishnu some how you missed the part that you are a Doctor,after pg if you do super speciality your Income will be nothing less than double or even more than double of your current salary. Don’t hasten in selling your house.Just wait for a year or two. The best is for time being take insurances for you and your family member who so ever is eligible. Also dont forget a medico most likely marries a medico which means you will have a great support from your partner as well. Plus just one last thing have faith on your degree bro,it is just a matter of 2/3 years and that 8/9 years of hard work in college will reap you result in leaps and bounds.
Where 50000 rs home rental gone....that amount not showing in support......he has big hug home value 2.5 crores and some years later value more increase....
Hiii sir I just passed my mbbs from IMS,BHU I can completely understand and relate to what you just shared Thanks a lot for doing this I just want to suggest..... Why don't u just sell only one floor of ur house and continue living on whatever floor u r living in At least uncle won't feel completely detached from what he had built for you..... And assure him that once you start earning well .... which I'm sure u will.... U will buy back that floor..... Just a suggestion consider this if possible Because u never know the emotional repercussions on parents after selling home ( its not just house).... Fortunately u have an option to sell just one floor
Option 3 should have been discussed to convert all PL's to LAP (loan against property). His ROI over 35 lac would fall down to under 10 lacs and would have saved 1.5 lacs in interest itself. This 1.5 lacs can help repay loan faster and instead of 5 years, loan can be repaid 1-1.5 years faster (or this 1.5 lacs of interest saved every year can help him & his brother take Term & Health insurance and build a small emergency fund). Mr. Warikoo, I expected better financial planning from expert
hats off warikoo Sir ! the humble way you have talked with this guy in a difficult circumstances is really very inspiring... All the best to Vishnu to get out of this precarious situation.
My advice is start saving little amts like 100 or 200 daily in Gullak gold app,buy silver also.After a year withdraw amt,mortgage it for a gold loan.Atleast some amt loan u get at less interest.
This was a no brainer. Apart from the math, the relief from stress of not having any loans is a huge plus. His brother and parents and sister in law will have better sleep which they need. No EMIs, 80 lakh to 1cr house and 1.8 lakhs monthly family income and additional corpus of 20-30 lakhs, all will sleep peacefully.
i think if you have patience then keep it continue and you are such a great doctor and when you will do job i think 1.5L pm you will get then easily you can manage. because selling house is not be a good option because some years later you will find that your house value is amazing. and if you don't want to continue then take loan against property by mortgaging your house and then pay off all the debt of personal loan and relative loan . then your monthly interest saving will be around 60-65k and emi of new loan will also be approx. 55k if some amount left just little bit amount 5k you put in sip and continue it. because i have listened that it will help you to cover your interest of loan.
Extremely hard situation. I pray that things get smooth soon. Sir with due respect I have 1 small suggestion. Vinshu can take education loan for college fees and can use 10k which he is keeping aside, to pay loan fast or anything else more important.
I would suggest to get a loan against house at a lower interest rate and payoff all the loans and then pay the remaining housing loan slowly & steadily with lesser EMI & simultaneously live your life happily.
Option 2 sounds the best since it’s easy to start from zero as opposed to being in such heavy debts. He is anyway a doctor and will progress a lot in his earnings. It’s easy to start from zero as opposed to being in negative figures
Wonderful real life stories. This is the way you have to present real stories with current situation. According to me, no matter what is your qualification or profession. Everyone in this world should know what is personal finance. I would say personal finance is a ART. UK government is going to implement in school level regarding personal finance. I recommend Indian government should also bring personal finance in our curriculum. Best of luck my friend. No worries, you can bounce back. Good luck.
I can totally relate with Vishnu ji , it's really hard but there's something inside you which is far more powerful than anything in this universe 😇💪🏼 stay strong Vishnu . Thank you so much Ankur ji for your wisdom and knowledge .
Hard role always goes to the best actor.....you are the real architect of your life....i know very well that you play like a champ. Never lose a hope...1% hope is always burdens on 99% of ur problems. Be patience, be consistent!!!!!
Another option would be to take a loan against the property at 9-9.5%, pay off existing loans + 10L emergency corpus. This could be a 10-15 year loan where the emi would be lesser and reduce the overall pressure on the family. The overall payout in interest would end up similar due to the lower interest rates.
Hats off to Dr Vishnu...This man has nerves of steel and facing such circumstances so bravely. Hope you keep on going in life strongly and God shows his blessings on you as soon as possible.
Hi Ankur. He can sell his first floor as his house is in Gurgaon. As in Haryana we can sell first floor and they can repay their Loans in one go. And they can own Ground floor. 1 advantage they don't need to move to some rental house. God Bless him and his family. And God bless you too Ankur and take care of your health.
Aidi financial situation me se bahar niklne ke liye first koi aapki help kr rha hai to dil khol ke sach bolna chahiye and dusra fight krne ke liye guts chahiye tohi crisis se bahar nikl sakte ho.
I am sorry to comment this, i can be completely wrong on this, but what made his elder brother and his wife decide to have another baby in this situation?
Thanks for such an amazing episode Vishnu and Ankoor. All I hope is that you can make it through the situation with your unshakeable nerves. That entire episode left me with nothing but gratitude for everyone and everything I'm privileged with.
Option 3: taking an home loan on existing house around 60 laks, he will get it for much lover interest and he pay all his debts and home loan tenure will be around 20 years with 9% interest rate the emi will comes around 55k and rental income will take care of it.
When I need courage to face life I watch one of your Money Matters episode. It fills me up with the strength I need to get up and face another day and believe that things will change as long as I'm determined to stay put. Thank's @Ankur for giving me hope. Hey Doc you are going great guns and you will make it. Best wishes to you. Stay Blessed.
I feel like i am quite lucky man, although they have high income than my family but we have stability….stay strong brother you’re a brilliant person both as a son and a doctor….believe in yourself and god and keep going hope so everything gets sorted in no time 🙏🏻
Kudos to Vishnu for discussing the problem of many through his own story & thanks Ankur sir for bringing out such issues in public for awareness. A lot of earnings get lost in the Interest. Its a big Trap that people get sucked into. Lending Banks are too clever that they are try to clear almost entire Chunk of Interest amount in first 1-2 years itself. Banks make thousand crores in profits every year from people’s money while those families are in so much pain and stress. Some end up committing suicides at times. Easy monthly Instalments or ease of access to loans does empower the common people but we need some solution where the exploitation by Capitalism can be controlled.😮😮
If his father just transfers this house property in two son's name, these two brothers can mortgage the property at 10-11% interest loan. They can easily gate 50-60 lakhs as both of them have combined earning of 185000 Thus the home will remain there, will also have rental income of 50k, and the monthly EMI burden will be less. Also, they can be innovative to earn more rental income. Like starting a PG, or AirBnB service. Comments welcome.
If you wish to be part of the Money Matters series, please fill up this form: forms.gle/Tmbo2nUTnhn9vjpG7
Money Matters is a series where I have conversations with normal people such as you and I, on your personal finance issues.
It is important to note that I am NOT a financial expert, I am NOT SEBI registered, and I am NOT qualified to give financial advice.
Everything that I say in these videos is purely through my own experiences.
- So these videos do not offer any stock tips, or specific mutual fund recommendations or get-rich-quick schemes.
- I am not selling any product or service through these videos.
- None of the brands that I mention in these videos have paid me to mention them, unless I explicitly say so (and I will say if the video is sponsored).
This also means that my advice may not always be the right advice. So incase I make a mistake, the best way to correct me will be to share your point of view in the comments, so that everyone can benefit from it.
I am not perfect, nor claiming to be either and would love to learn and grow.
The idea is simply to help people with their finance journey and through their story try to help others who may have a similar story.
If you wish to be part of this series, please fill up this form forms.gle/uj9JPUBp8Wo9nZQi7
My Money Apps:
Indian Stock Investing (Zerodha): bit.ly/3iYKROh
Mutual Fund Investing (Coin by Zerodha) (You will need to create a Zerodha account for it first. Coin is free): bit.ly/3iYKROh
US Stock Investing + Investment Tracking (INDMoney): bit.ly/3tT5moR
Portfolio Investing (Smallcase): bit.ly/3u0is0I
Corporate Bonds (Wint Wealth): bit.ly/3sbUI8c
How to pick the right insurance (Ditto): bit.ly/3xFh7OU
The above links are for products that I personally use for my own investing. If you create an account on any of these using the above links, I stand to make a referral income from it. 100% of this income is contributed towards the education of kids who cannot afford it. In 2021 we contributed 38L, in 2022 we contributed 53L and in 2023 we contributed 52L. DO NOT assume that these are the best products in the industry. Please do your research and let me know if you have any questions.
My bestselling books:
'Make EPIC Money' here: amzn.to/3WHJ43F
‘Get EPIC Shit Done’: amzn.to/4fK1IR5
‘Do Epic Shit’: amzn.to/4fK9uuv
My gear for shooting this video:
🎥 Sony a7III camera: bit.ly/3M42wAV
🎬 Sony FE 24-70 f2.8 Lens: bit.ly/3KCCiF0
🎙 Shure SM7B Microphone: bit.ly/3O1NAVA
🔆 Fill Light 60W: bit.ly/37aJolP
💡 Key Light 150W: bit.ly/3O9nyjs
📽 Benro IT15 Tripod for Sony a7III camera: bit.ly/3O4PvJ1
The above links are on Amazon. If you buy any of these using the above links, I stand to make affiliate income from it. 100% of this income is contributed towards the education of kids who cannot afford it. In 2021 we contributed 38L, in 2022 we contributed 53L and in 2023 we contributed 52L.
Sir I am dr kunal I have mailed you also I am in financial trap pl help me I want to contact you
Brilliant Advice.
Sir pls 40 age ki bhi video banao
The best option in this situation to get out is ......
Sell house to known person at slightly less amount
But asking him that we are going to continue living here and will pay regular rent as per contract
Loans can be cleared and rents can be paid from corps available from selling house
Later in life if they are able to recollect adequate amount they can buy same house say after 10 ys by staying in same house
Clause : You can only sell to someone genuine so that you can live there for couple of yrs for whatever rentals are asked by new owner
*bhai sau baat ki ek baat, pls Pura mat becho bas 1 ya 2floor bech do* my advice for Dr. Sahab
Extremely extremely extremely hard situation. More power to Vishnu bhai.
Positivity
Most genuine video across youtube in a while with real life problems and real emotions attached to it.
what about farting sound in background ?
Loan: 70Lakh
Asset: 2.5cr
2.5cr-70l= 1.8cr
Still his family owns asset of 1.8cr which is far better situation than in most of Indian household, we majority live in home costs under 1cr only with no such high income profession.
his father made a debt around 30 lakhs ! but along with that he gave an asset of 2 Cr to repay it ! great father
And on top of that the medical study expenses, definitely a hard situation emotionally but practical to solve it too
Correction - debt is 50-70 lakhs, watch video again. And there is nothing to be proud of taking 50-70 lakhs of loans to do a business and that to leaving that debt on ur children's shoulders. They r just lucky that they have a house worth this much money. If they had a house worth equal to their loans then they have to live on rent.
Yes, you can see how happy and comfortable position his father put him into.
his brother has chronic heart disease, no money, still have 2 kids, pretty bad planning
I😂x @@gnosticmonad
Here is my suggestion
1. Sell this home at 2.5 Cr
2. Pay off all the loans - left with 1.9 Cr
3. Now no EMI , so stay on rent for 3 years ( 25k Rent + 30k expense )
4. Total income after monthly expense is 1.3
5. Invest 1.9CR flat + 1.3 L per month for 36 months @8% FD rate.
6 after 3 years you will end up at 2.8 Cr back
7. Now decide what to do.
Assuming salary of their son gets increased to at least 20% overall in 3 years.
Too ideal 😂😂
3 years real estate doubles 😅
What about 20% tax on sold property
@@MD-km5il 12.5% Tax on Profit only not whole amount.
@@sanketgarad0tax on 100% value of sale..no indexation our FM declared.
My recommendation would be - Option 3 you can refinance the loan by converting you loan from personal loan to Secured loan i.e. you can mortgage your house and reduce your loan interest.
Option 4 - As you said your house has mutiple floor and if possible you can sell individual floor. Then you can pay your loans from that.
Option 4 is awesome
That seems like a better option
Option 4 would not be feasible, as in Gurgaon, minimum per sq yd price is more than 1.5 lacs. So his plot size is less than 150 sq yards. And in Gurgaon, individual floors can only be sold if plot size is bigger than 168 sq yeards.
@@ankurjain83 Thanks Ankur for the info. Didn't knew about such regulation in gurgaon. There might be other legal issues as well. So its better take help of an expert.
I think option 3 is better one. As the interest rate would be maximum 10-11%. So his EMI can be reduced.
I can relate a lot with it Vishnu but one thing for sure “ye waqt bhi gujar jaega”
you are the biggest supporter to your family so don’t lose your patience and just focus at what you are doing currently.
I am happy to help whatsoever i can.
Vishu is a very good kid. I wish him a lot of strength❤
This is such a touching story, literally goosebumps on hearing about the struggle Vishnu is facing in his life! May God give him strength to power through!❤
We oftentimes underestimate what we are getting and feel like we should get more, but then there are situations like this where one is barely managing to secure his family. I personally believe second option will be the correct choice. All the best to Vishnu and his family. Great podcast Ankur
Stay Strong Vishnu Bhai - A Tough Guy!
Vishu selling house will be the best option as after doing this you may have around 20-30 lacs in hand that will give you fix return and 1 positive thing will be that around 1.80 lacs will be on hand every month so after deducting expenses you might be having minimum of around 50k to 1 lac saving every month and will add to your additional corpus . This will give you freedom to save money and live life ..... Well guided by Ankur , I really appreciate ankur efford
Before closing personal loan please check fore closing clause of personal loan ....
Just curious, Warikoo has 4.5 crore subscribers. What if he gave him 25-30 lacs to help him?
Warikoo must be earning at least 1 crore each month from TH-cam only.
He will at least make 50lacs with this video itself
Relatable
At the age of 26 I took the responsibility of my family business which had a 78L loan.
With a family income of just 35K only through business.
65K I use to pay purely interest.
Only having an asset of 20L small house.
Now age 29 i got a job of 12LPA and i stabilise the business and now I have loan of 60L.
With a family income reaching 2L.
I Paying 1.2L as EMI and interest.
I feel it’s part of life if u don’t have problem then ur life is boring
Bravo bro... 🙏
Those who don't have financial problem it's a blessing . Doesn't matter poor , middle class or rich .
Have been through this situation… my situation was even worse… but believe me tough times are a blessing builds character and brings resilience once overcome you realise there is no high limit to achieving something high! Only one advice don’t sell the house telling from my personal experience…. Keep trudging along!
Dude bechne ki bhi zarurat nahi hai aap use mortgage kar do house ko bank ko aap ko market rate ka 60%mil jayega.agar jitna loan hai utna lijiye agar 70 lakhs lete hain to 70 thousand ka emi ayega or tenure 15 years ka hoga…..aap usme reh bhi sakte ho rent pe bhi reh sakta hai…..aap dono mil k ghar chala sakte hain…..please consider it…🙏
True that's the best thing to do
😂
That's right If house ki Equity line of credit Leni chahiye jo saste rate per milegi
Emi loans ki problems se Bahar ane keliye dussra loan lo fir every month same EMI ka tension feel karthe rahi....what a suggestion sir ji😂
@@VenkataRaghavaRajuAlluri thodi si maths use karte to shayad aisa nahi bolte….abhi jo loan chal rahe hain wo 16to 17 percent tak k hain mortgage loan 9to 9.75 tak milega and wo unke rent se meet out ho jayega or unka asset bhi nahi jayega jo by time tezi se grow hoga coz property prices in Gurgaon is going up very fast and it would be impossible for them to buy again and sath me agar unhone becha to unko heavy rent pe bahar rehna padega…..hope ab apko samajh a gaya hoga…..
अंकुरजी मुझे पहले लगता था कि आप एक और influencer हैं, जो यूट्यूब अथवा अन्य माध्यमों से अपना आर्थिक लाभ करना चाहते हैं । परंतु मैं आपके money matters को देखने के पश्चात मेरे विचार पूर्णतः परिवर्तित हो गए हैं
अपने अनेक याचकों के वास्तविक आर्थिक समस्याओं का उत्तम निवारण कर उचित समाधान दिया है । मैं इस चैनल का एवं आपका आभार व्यक्त करता हूं 🙏
Vishnu bhai is a symbol of determination and steely nerves! I’m sure he will overcome this and be successful in life! May god bless him and his family ❤
Waqt ki khasiyat hai- Waqt jaisa bhi ho achcha ya bura... lekin wo gujar hi jaata... so be positive and be strong vishnu 💪💪
This is one of my 2 or 3 TH-cam comments. Great suggestions to Vishnu Sir as a brother. Heart touching. Kudos to Both Vishnu and his brother entire family for their unity in tough struggling time.
Wish him and his family fast recovery from health and financial problems and wish him happy life what Vishnu thinks and deserves.
Would hv liked ankur to explore and explain if selling just one floor of the house would be feasible or not.
Hats off to Vishnu for talking about personal financial troubles on a public platform. It takes a lot of courage. Wishing you come out of it soon.
Yeah selling floor in his case could have been a great option ... Vishnu try that atleast and hope u reading the comments.
Generally selling of one floor does gives less price
Great thanx to wariko sir for giving his precious time to solve problems of persons like us.. it is not easy to work for society and teach them.. we all know his time is money ... But giving time to us is absolutely great
This video is just an reminder for all people who takes all those little things for granted in their life, not realizing some people have it worse than us without any of their problem. this video i will keep coming on to become humble in life
best episode in this series @warikoo !! A big callout in this one - handling finances is part of our inheritance as well. Time and again we find ourselves repeating financial errors of our elders. It may look like obvious mistakes to outsiders, but very difficult to break away from. Great episode, very relatable!
I can feel this guy, I am going through same situation in different way. God bless you brother and Thanks Ankur to help this guy
One of my favorite podcast that really makes sense
Kudos to Vishnu and his braveness to share the details openly. Tons of thanks to Ankur to listen to him patiently and think like his own problem. This is going to help many people. I only subscribed to Ankur's channel 3 days back and now this has become my primary school for my financial education.
Option - 3: Take a mortgage loan on house for @ 9 - 9.5% to 10% for 70 Lakh, pay all other loans with this loan. The EMI whould be around 1.5 lakh p.m. for 5 year repayment and 95000 p.m. for 10 year repayment against the income of 2.35 lakh p.m.
I was thinking the same whole time while watching the video
We should support this idea
With term insurance if something goes wrong then the term insurance help help them in their hard times
Having own health insurance is very important for everyone one
Best option ever ❤
2nd option will be best as rest of life can be peacefull.. due to loans so much stress will be there so health will be effected.
This is one of the excellent & most required series sir especially for our Indians. Great initiative. Thank you so much for your most valuable service. 🙏🙏
This is so scary, its like a deck of cards where 1 card is what it will take to bring it all down.
After watching multiple videos on this series what i leared is:
1. stay away from loan if you can
2. There is no investment without making arrangements for debt
3. Buying a home is important but if the debt is so huge that you have no emergency fund, no investment, no security and its a month to month or hand to mouth situation you're better of without it.
4. Finances and emotions cannot go together and elder family members need to learn that the house they are trying to protect will bring the family on the road.
5. Keep a certain amount of money hidden from everyone the only exception can be your spouse, confidence is what you should not offer to your parents/family if they cant make sound financial decisions and are emotional about spending money for their own good when there is an emergency.
Ankur you are genius. the way you helps ppl getting out of such big issue is tremendous. Great journey 👍
BIG RESPECT TO BOTH OF YOU FROM THE HEART, VISHNU AND ANKUR FOR BEHAVING LIKE A OWN BROTHER RATHER THAN FIN INFLUENCER.
This is very emotional segment that how life is hard so before it becomes hard we should be ready for it by doing something good in life interms of savings.
I have to say you really speak the best with great examples and nice words and emotions. You really inspire us just by the way you talk. Thank you for all your efforts
Vishnuji, aap bahot hi himmat vale ho jo open platform pe ye sabhi share kar rahe ho.....!!
Vishnu bhaiya apko aur apke bde bhaiya ko mai salute krta hu jis trh apne aur apke bhaiya ne sb chizo ko smbhal rkha hai salute hai mai bholenath se prathna krunga ki uncle aunty jld se jld thik ho jaye aur sath me apki sbhi preshaniya bhi jis trh aap apni personal chizo ko leke compromise kr rhe ho sch me ye ek acche bete ki insaani hai
This was exact video I could relate to !! Thank you so much for making this ! Somethings which can't be explained but yet needs solution! More power to you Vishnu bro!
Thanks Ankur Sir ,
For these series
It gives others also hope that they can fight too
26:00 I would like to add one point here, that the Bank’s ROI charges on Reducing balance method, effectively it will come around 10% approx. Further ROI from relatives is 12% fixed. Please compare the total outflow before proceeding . Thanks
Further I am totally agreed with ankur sir second option, otherwise life will be miserable. More power to you vishnu, I can see the Pain behind your smile, dont worry this shall pass also.
Option 2 should be the perfect choice for you, considering the immense amount of tension you and your brother are facing with his chronic illness. It's much more viable to sell the house and receive a lump sum of money to sort out all the loans. Vishnu, you and your brother are true fighters, and as Ankur mentioned, assets like these are meant to be a savior during such crucial times. You never know what tomorrow holds, and being a doctor, you'll also agree that illnesses don't come after giving you a heads-up.
Yes, you might have a lot of emotions attached to your house, but at this time, you have to find a clean way to clear up everything and lead a tension-free, and most importantly, safe life. That will be my suggestion for you, brother. Stay strong, and everything will be fine.
Good suggestion
It's not easy everyday it's a night mirror
What if something goes wrong it will be hell then
I can feel such a hard situation of vishnu, mahakal gives you a lot of strength to get rid out of this tough situation😢
Try to get Aayushman card for ur parents which providers 5 lakhs health cover each & can be used in some private hospitals too. 2 of my family members got free treatment recently on that card , one for heart operation& other for eye
in which state
or kuch karna padta hai card banne ke baad or brief me about it i need it
Mortgage loan will help their family, term insurance and health insurance will protect their family, after a mortgage loan they will have some money even for investment from which they can be happy.
It's useless card don't depend on this scheme AABHA CARD for mahaharastra people..
No, it works My father's whole charge of 4.5 l got paid by that only
Until I watched this video, I thought I had a lot of issues in life. But Not anymore after I watched heard Vishnu’s story. I’m so grateful to God for what I have and what I don’t have.
I hope Vishnu, you get out of it soon.
Tough situation man, Sicerely hope you get out of this and start living a peaceful life. All good wishes to you.
Defeat is a state of mind no man is ever defeated until defeat has been accepted as a reality..
Go frwrd bro.. 🤝
I can relate to the situation. Stay strong, Vishnu, and everything will be fine. Please check if you can take a loan against your house, as it may have a lower interest rate.
I am sharing my thoughts; please don't take this otherwise. This is for other viewers and Ankurji: Can we help Vishnu within whatever limits we can? As I can see, there are 94k viewers who have already watched the videos. If each of us contributes at least 10 Rs, approximately 10 lakhs can be raised, which may help Vishnu in some way or another.
Bhai his family income is 2.5 lakh and asset worth 2.5 cr he is already in top 5% of India population ab kya donation doge
As we belong to the same (medical) fraternity, and as a 30-year-old who completed his MD just last year, and is therefore around the same age group, my advice is a bit different. Vishnu, as soon as you complete your PG, join any hospital in as integrated a town as possible (if there is no bond or you can postpone it). It will give you a salary of 2 lakhs per month, can go 4Lakh+ if you do some freelancing. It will not only double your family income but also give you the mental peace of having 15-20 lakhs in your bank account, or one lesser loan to taking care of, which you will need the most while preparing for super specialization. As there are chances that you will get an even lesser stipend during super specialization, you may extend this working period a bit longer too. Buy a term plan with approximately 2½ crores while earning well.
Which hospital give monthly 2 lakh for beginner doctors ???
@@subh2173exactly
Sir is a doctor really earning even 1-2 lakhs per month at the age of 28-30 after PG that is like the basic need in today's time to stay in a metropolitan city .
I am very confused about my decision sir , i want to be a doctor to help people and more importantly because I like studing about the human body but sir I also don't want to be in a situation where I have to really think hard on managing my expenses if I have worked so hard to be a doctor. Is doctor's profession really financially full filling in the early stages (25-30 years of age) or is it out fate to settle down late and start a family late and manage in a little money and still help others?
Please help sir due to these thoughts I am not able to even focus in my studies. I am a neet ug aspirant should I think about these things or study without waiting or critically thinking about these decisons.
(P.S. - I have high chances of getting selected in a government medical college sir, I have my exam in like 4 months should I take mbbs or should I do something else. Money is important for me sir maybe not 1st priority but IT IS definately my second priority.
Hi Vishnu, you guys are doing a great job looking after your parents and the finances. For your financial situation I assume the overall loan is about 12.5L + 10L +35L which comes into 52.5L. You can opt for mortgage loan it would be around 9.5 to 10% with 25 years if you take 60L it be around 55k per month. If you pay one extra emi every year and increase your emi payment by 10% you can close your loan in 10 years.
3rd and better option would be taken a Loan against property (LAP) for 15 years , for a 50 lacs amount monthly EMI would be 50-55k which you can pay off from your rental income.
In that scenario your father's emotional damage will be minimum. After 3/4 years when your studies are over you can repay it with prepayment option. 🎉
Jo ho chuka, wo ho chuka. Please still respect your parent. As some in this situation make our parents feel guilty for all that everytime.❤
Absolutely genuine and completely relatable Money matter episode… no provisions or political support for a midelclass incometax payer and stuck up in debt trap….😢
Vishnu some how you missed the part that you are a Doctor,after pg if you do super speciality your Income will be nothing less than double or even more than double of your current salary. Don’t hasten in selling your house.Just wait for a year or two. The best is for time being take insurances for you and your family member who so ever is eligible. Also dont forget a medico most likely marries a medico which means you will have a great support from your partner as well. Plus just one last thing have faith on your degree bro,it is just a matter of 2/3 years and that 8/9 years of hard work in college will reap you result in leaps and bounds.
I pray Vishnu will reach his career destination and be able to buy back the same old house which he will be selling. Jai Shree Ram
Where 50000 rs home rental gone....that amount not showing in support......he has big hug home value 2.5 crores and some years later value more increase....
Hiii sir
I just passed my mbbs from IMS,BHU
I can completely understand and relate to what you just shared
Thanks a lot for doing this
I just want to suggest.....
Why don't u just sell only one floor of ur house and continue living on whatever floor u r living in
At least uncle won't feel completely detached from what he had built for you.....
And assure him that once you start earning well .... which I'm sure u will....
U will buy back that floor.....
Just a suggestion consider this if possible
Because u never know the emotional repercussions on parents after selling home ( its not just house)....
Fortunately u have an option to sell just one floor
Option 3 should have been discussed to convert all PL's to LAP (loan against property). His ROI over 35 lac would fall down to under 10 lacs and would have saved 1.5 lacs in interest itself. This 1.5 lacs can help repay loan faster and instead of 5 years, loan can be repaid 1-1.5 years faster (or this 1.5 lacs of interest saved every year can help him & his brother take Term & Health insurance and build a small emergency fund). Mr. Warikoo, I expected better financial planning from expert
hats off warikoo Sir ! the humble way you have talked with this guy in a difficult circumstances is really very inspiring... All the best to Vishnu to get out of this precarious situation.
My advice is start saving little amts like 100 or 200 daily in Gullak gold app,buy silver also.After a year withdraw amt,mortgage it for a gold loan.Atleast some amt loan u get at less interest.
Ankur Sir, I'm happy you are solving complex issues with simple approach. I'm learning so much
Glad to hear that
Humbling and heart touching video, will come back in case humbling is required, prayers for well being of vishnu and his family 🤍
This was a no brainer. Apart from the math, the relief from stress of not having any loans is a huge plus. His brother and parents and sister in law will have better sleep which they need.
No EMIs, 80 lakh to 1cr house and 1.8 lakhs monthly family income and additional corpus of 20-30 lakhs, all will sleep peacefully.
Wishing best to vishnu...life is difficult...most genuine video...real life and real problem..great podcast
Wishing Vishnu and his family all the best in selling the house and getting over all the other problems of life.
Please do an update after his problems are solved.I feel for him and his family.Would love to have an update.😢
i think if you have patience then keep it continue and you are such a great doctor and when you will do job i think 1.5L pm you will get then easily you can manage. because selling house is not be a good option because some years later you will find that your house value is amazing. and if you don't want to continue then take loan against property by mortgaging your house and then pay off all the debt of personal loan and relative loan . then your monthly interest saving will be around 60-65k and emi of new loan will also be approx. 55k if some amount left just little bit amount 5k you put in sip and continue it. because i have listened that it will help you to cover your interest of loan.
Extremely hard situation. I pray that things get smooth soon.
Sir with due respect I have 1 small suggestion. Vinshu can take education loan for college fees and can use 10k which he is keeping aside, to pay loan fast or anything else more important.
I would suggest to get a loan against house at a lower interest rate and payoff all the loans and then pay the remaining housing loan slowly & steadily with lesser EMI & simultaneously live your life happily.
Option 2 sounds the best since it’s easy to start from zero as opposed to being in such heavy debts. He is anyway a doctor and will progress a lot in his earnings. It’s easy to start from zero as opposed to being in negative figures
He is a strong man! more power to him
Sab thik ho jayega Vishnu bhai !! Stay strong 😊
Glad to see how kids protect their parents and stand tall for them . Im sure they will overcome together
Wonderful real life stories. This is the way you have to present real stories with current situation.
According to me, no matter what is your qualification or profession. Everyone in this world should know what is personal finance. I would say personal finance is a ART.
UK government is going to implement in school level regarding personal finance. I recommend Indian government should also bring personal finance in our curriculum.
Best of luck my friend. No worries, you can bounce back.
Good luck.
Stay strong, you'll get through it❤
This advisor is beautiful. God bless him.
I can totally relate with Vishnu ji , it's really hard but there's something inside you which is far more powerful than anything in this universe 😇💪🏼 stay strong Vishnu . Thank you so much Ankur ji for your wisdom and knowledge .
Hard role always goes to the best actor.....you are the real architect of your life....i know very well that you play like a champ.
Never lose a hope...1% hope is always burdens on 99% of ur problems. Be patience, be consistent!!!!!
Another option would be to take a loan against the property at 9-9.5%, pay off existing loans + 10L emergency corpus. This could be a 10-15 year loan where the emi would be lesser and reduce the overall pressure on the family. The overall payout in interest would end up similar due to the lower interest rates.
Hats off to Dr Vishnu...This man has nerves of steel and facing such circumstances so bravely. Hope you keep on going in life strongly and God shows his blessings on you as soon as possible.
This is so scary, loan lenders are making people poorer and poorer instead of making them rich. Loan, EMI concept is such a big trap.
Hi Ankur. He can sell his first floor as his house is in Gurgaon. As in Haryana we can sell first floor and they can repay their Loans in one go. And they can own Ground floor. 1 advantage they don't need to move to some rental house. God Bless him and his family. And God bless you too Ankur and take care of your health.
Aidi financial situation me se bahar niklne ke liye first koi aapki help kr rha hai to dil khol ke sach bolna chahiye and dusra fight krne ke liye guts chahiye tohi crisis se bahar nikl sakte ho.
My suggestion would be "take loan against property". Intrest charges may be around 10%
That option 2 of selling house hit the heart..... But this only hope for pursuit of happiness
Kudos to Vishnu!
Keep fighting brother, it will get better.
I am sorry to comment this, i can be completely wrong on this, but what made his elder brother and his wife decide to have another baby in this situation?
You are doing a good job.solving realtime problem.
This is so candid!! That you for sharing. Wishing you all the best 🙏🙏
When he says his bank balance without hesitation- oh wow.. I wish he come out of these difficulties soon
Heart touching conversation in financial field ❣️
Thanks for such an amazing episode Vishnu and Ankoor. All I hope is that you can make it through the situation with your unshakeable nerves.
That entire episode left me with nothing but gratitude for everyone and everything I'm privileged with.
Option 3: taking an home loan on existing house around 60 laks, he will get it for much lover interest and he pay all his debts and home loan tenure will be around 20 years with 9% interest rate the emi will comes around 55k and rental income will take care of it.
You gave this person good advice.❤❤❤❤
Bravo man.. hats off stay strong brother..
When I need courage to face life I watch one of your Money Matters episode. It fills me up with the strength I need to get up and face another day and believe that things will change as long as I'm determined to stay put.
Thank's @Ankur for giving me hope.
Hey Doc you are going great guns and you will make it. Best wishes to you. Stay Blessed.
I love you Ankur Sir. Just by interacting with you or watching you speak will solve 90% problems.
Beautiful advice. He also wants to settle down have children and other stuff. Selling house is the best way to cycle life.
I feel like i am quite lucky man, although they have high income than my family but we have stability….stay strong brother you’re a brilliant person both as a son and a doctor….believe in yourself and god and keep going hope so everything gets sorted in no time 🙏🏻
Kudos to Vishnu.
Keep it up.
I really admire the way he is holding everything firmly....
Kudos to Vishnu for discussing the problem of many through his own story & thanks Ankur sir for bringing out such issues in public for awareness.
A lot of earnings get lost in the Interest. Its a big Trap that people get sucked into.
Lending Banks are too clever that they are try to clear almost entire Chunk of Interest amount in first 1-2 years itself.
Banks make thousand crores in profits every year from people’s money while those families are in so much pain and stress. Some end up committing suicides at times.
Easy monthly Instalments or ease of access to loans does empower the common people but we need some solution where the exploitation by Capitalism can be controlled.😮😮
If his father just transfers this house property in two son's name, these two brothers can mortgage the property at 10-11% interest loan. They can easily gate 50-60 lakhs as both of them have combined earning of 185000
Thus the home will remain there, will also have rental income of 50k, and the monthly EMI burden will be less.
Also, they can be innovative to earn more rental income. Like starting a PG, or AirBnB service.
Comments welcome.