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Early in my career, I was very keen on buying an apartment. That meant
taking a substantial loan. It didn’t worry me much but my father cautioned me against a possible debt trap. He advised me to limit the housing loan to eight times my annual income. Expected salary increments were not included in the calculation. This would ensure that I repaid the debt in 10-12 years. Since then, I religiously follow these rules for borrowing and have so far successfully avoided piling up unnecessary debts.
- As told to SHANKKAR AIYAR |
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