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00:00:58Namaskar, you are watching Money Mantra. With me
00:01:00is Mukul Sharma. Every week in Money Mantra, we bring you a special topic,
00:01:04and today's topic
00:01:05in this is that your house is very important for you to know. Most of us know
00:01:09and understand about home loans, but did you know what a home equity loan
00:01:13is and who can take it? Also,
00:01:16how much loan we can get
00:01:20under it and what benefits we can get
00:01:24from it, and what are the risks associated with it, and also
00:01:27if we talk about interest rates, EMIs, or other charges,
00:01:31we need to know all its aspects, and today in Money Mantra,
00:01:35we will give you that information.
00:01:48Yes, today we will talk specifically about home equity loans
00:01:52and home loans. We know about both, but there isn't
00:01:56much information about home equity loans, so first let
00:02:00us try to tell you what a home equity loan is. If
00:02:03we talk about home equity loans, you get a loan here
00:02:07on the equity of your house, that is, you can get
00:02:10a loan on the equity of its cost, that
00:02:14is, your house will be mortgaged, but you will remain the owner.
00:02:18Under an equity loan, if we talk about it,
00:02:21you can get a large amount,
00:02:25it becomes a safety net whether for any expense, to repay a debt, a large amount can be available to you
00:02:29here under a home equity loan, and as we are telling you,
00:02:32you can use it for many needs, whatever your big needs may be
00:02:36in life, you can use it there, and
00:02:39its repayment can be done in easy installments.
00:02:43So you know what a home equity loan is, but
00:02:4815 years or sometimes even now the question arises that we all know about home loans, how can a home
00:02:50equity loan be different from it? What are the big differences between the two? Let
00:02:54us try to understand how a home equity
00:02:58loan and a home loan differ. See, as we told you,
00:03:02you get a home equity loan on the equity of your existing house, whereas
00:03:05if we talk about home loans, this home loan
00:03:09is given to you for buying a new house. You apply
00:03:13for it. Besides this, you can use a home equity loan for
00:03:17any need, whether it is a wedding in your house, children's education,
00:03:21or any other big expenses. But a home loan
00:03:24is only for buying a house, you have to apply
00:03:28for it, only then you get it. And here, especially,
00:03:32the biggest thing is that the interest rate in a home equity loan is fixed.
00:03:36That is, the interest rate told to you here will be fixed,
00:03:40whereas if we talk about home loans, we see that it is fixed or floating,
00:03:44whereas in home equity loans, it is mostly fixed.
00:03:47Besides this, another big difference is that the tenure of a home equity loan
00:03:51is relatively shorter, that is, because we are taking a loan on equity,
00:03:55the duration remains short, whereas if we talk about home loans,
00:03:59its tenure can be long. We see that
00:04:01for the second property, home loans are taken for 20-25 years. And also, when we talk
00:04:04about what kind of benefits we can get
00:04:07has created this, in which from it, the tax benefits in a home equity loan
00:04:10are limited because you are getting it on the same equity, whereas if we talk about home loans,
00:04:14we see that many tax
00:04:17If you need it for education, exemptions are available, that is, you get more benefits here.
00:04:20So these are some big differences that tell
00:04:23us which loan we should take according
00:04:27to our needs. And let us tell you in more detail
00:04:30how and when you can take which loan, that is,
00:04:34what kind of needs you have, and accordingly, these three big reasons
00:04:38often come up. The first is renovation. If you are renovating
00:04:42the house or want to do some other work, then in that condition, a home equity loan
00:04:45can be better. But if you are buying a new house, then a home loan
00:04:49will be better for you, it will be best. Whereas if you have
00:04:53a big debt to repay, a big financial burden, or any other big work,
00:04:56then you can take a home equity loan because it is easily available
00:05:00to you on the equity of your house. And there are many perceptions about home loans
00:05:04that there is a bit of complexity, whether banks, NBFCs
00:05:08should give it or not, but these are all things that are important for you to know.
00:05:11So this was about how you can get a loan
00:05:15here. Today we will discuss this and give you information.
00:05:19For this, two very special guests have joined us. Dakshita Das ji
00:05:23has joined us, she has been a former Secretary
00:05:27in the Ministry of Finance and former MD of National House Banking. Welcome, Dakshita ji,
00:05:30and Ejayshree ji has joined us, she is a real estate expert. Welcome to you too,
00:05:34Jayshree ji. First of all, Dakshita ji, I would like to understand
00:05:38from you that when we talk about how most
00:05:42people know about home loans, but if we talk about home equity,
00:05:45do you think that
00:05:48to apply for home loans, whereas they might also need
00:05:52a home equity loan, and because of that, they sometimes
00:05:55get into trouble? See, Mukul ji, both are different
00:05:59creatures. In one, you are building
00:06:03or taking or buying your house, and
00:06:06in the other, you are taking a loan for many things
00:06:10like education, marriage, extending
00:06:13the house. So see, both are, as
00:06:17I said, different creatures. When you go
00:06:21to take your loan, you should be mentally clear
00:06:25whether you are building a house or you have to marry your child
00:06:28or educate him. So in my opinion,
00:06:31your misunderstanding starts from there
00:06:35when you evaluate your need.
00:06:38So this is a very big difference. I also want to tell
00:06:42you one more thing that in India,
00:06:45we see that home equity loans are taken more in rural
00:06:49areas, and in urban areas,
00:06:52we see that home loans are taken
00:06:56more. It depends on the circumstances.
00:07:00Absolutely. So this is also a big difference
00:07:04that we can see, and especially Ejayshree ji,
00:07:08if we look at real estate, the scope of home loans
00:07:11seems to be continuously increasing. But at the same time, when
00:07:15we talk about renovation, everyone wants a continuous newness in the house,
00:07:19in flats, or there are other needs, so for that,
00:07:22we can assume that home equity loans
00:07:24should be preferred now.
00:07:28Sorry, can you repeat that question, please? Ejayshree ji,
00:07:32we would like to know from you if we talk about renovation
00:07:36or other expenses, can we consider a home equity loan
00:07:39as an easy option for that? Yes, if you want to renovate
00:07:43your house, you can take a home equity loan as much as
00:07:47you need. You can get 70 to
00:07:5090% of your house's value,
00:07:54normally up to 90%, and you can get
00:07:57a loan for 5 to
00:08:0120 years. But
00:08:03take as much as you need, and
00:08:07you can repay
00:08:08it in easy installments.
00:08:12Also, your fixed rate of interest
00:08:16is normally around 10%, and
00:08:20you don't get any tax incentive for that.
00:08:24Absolutely, but Ejayshree ji, if we look at both home loans
00:08:27and home equity loans, obviously, because we get home loans
00:08:31for a new house, and there is doubt about its approval,
00:08:35whether it will be approved or not. In such a situation, if we look
00:08:39at the difference between the two, how important do you consider
00:08:42it, because there is a need, if there is any financial burden,
00:08:46keeping our expenses in mind? Let me give you a small example,
00:08:49a live example. There was an NRI who was in Singapore
00:08:52and suddenly got cancer. He needed a very large amount
00:08:56and his house here
00:09:00was worth about 2.5 to
00:09:032.75 crores. Because it was a medical
00:09:06emergency, he was immediately given a loan.
00:09:09He was immediately able to repatriate it, and the entire loan
00:09:13amount came to him in a task. He got
00:09:16the money, and he could start the treatment. Similarly,
00:09:20if you need education, they don't look at
00:09:24what you need. Normally, they do it very quickly for medical emergencies.
00:09:29marriage, renovation,
00:09:33the bank assesses it, assesses your property
00:09:36value, whatever that assessment is,
00:09:39you get 70 to 80% of it.
00:09:43If you talk about a home loan, you take it when
00:09:47you have to buy a house. You have
00:09:50chosen a house or are about to choose one.
00:09:54You show your payment capacity,
00:09:57then you get it. And that is a slightly longer process.
00:10:01This is very easy and very, if
00:10:04the managers are conducive to it,
00:10:08if they feel that your payment capacity, repayment capacity
00:10:12is there, then you get a home equity loan very quickly.
00:10:16Absolutely, and especially Dakshita ji, as you said that when
00:10:20we talk about a house loan and when we call a home
00:10:24equity loan a property loan, by which name people know
00:10:27it more, if we look at it, is it true
00:10:31that there is more uncertainty in home loans, or as
00:10:35Ejayshree ji just told us that it takes more time,
00:10:38and it is possible that your need is being fulfilled by a property loan,
00:10:42but you apply for a home loan, and because of
00:10:46that, its approval does not happen? Yes, absolutely,
00:10:49this can definitely happen, because see,
00:10:53when you are buying a house, the documents are different,
00:10:57and when you are taking a home equity loan, which we consider as a LAB,
00:11:00Loan Against Property, in that, you already
00:11:04have a property, you just have to submit your documents.
00:11:07It depends on your need, as Madam said that
00:11:11a medical emergency came up or something, but
00:11:14see, you have many options available
00:11:18in this country nowadays. If you want to go for
00:11:22consumption expenditure, marriage,
00:11:25this kind of thing, you can also take a personal loan. What happens
00:11:30gets mortgaged, and it depends on you how much
00:11:34capacity you have to repay it. For example,
00:11:37if someone in your house died, you had taken
00:11:41a loan for their treatment, they were the breadwinner,
00:11:44a professional, then there was no income,
00:11:47so your house will be in trouble. If I want to know
00:11:51the benefits of a home equity loan from you, what kind of benefits
00:11:55do you see in it? It is easily available
00:11:59because you already have an asset, you have a house.
00:12:03Whether you go to a bank or a housing finance company,
00:12:06they are ready because
00:12:10they are getting an asset there,
00:12:13they are mortgaging your house with them.
00:12:17So the benefits are that
00:12:21it is easier, but see,
00:12:25you have to look at yourself, and one very important
00:12:29thing, Mukul ji, is that your credit score will matter a lot.
00:12:32Yes, what is your capacity
00:12:35to repay the loan? Exactly, what kind
00:12:39of credit score you have, and if it is above 700-750,
00:12:42then we can assume it becomes easier. But Ejayshree
00:12:46ji, we were understanding the benefits earlier. If we talk about the risk
00:12:50factor, what risks do you see
00:12:54when we talk about home equity loans? See, actually, this risk
00:12:57is in both, but this is your own house.
00:13:01As she said, you are mortgaging
00:13:04it with the bank. If, for example,
00:13:07today I have a good salary, I can repay
00:13:11it easily, and I said that I will take it.
00:13:15But if after three months,
00:13:18I lose my job, and a pink slip is a reality today,
00:13:22you should keep in mind that you should have
00:13:25at least 6 months' worth of repayment amount
00:13:29in the bank, so that if any uncertain
00:13:32circumstance arises, death,
00:13:35health problems, then you can repay
00:13:38it without a break. This is very important
00:13:42because nowadays youngsters take a lot of loans,
00:13:45and when they lose their job, suddenly 3500
00:13:48people lose their jobs, then
00:13:52how will you repay it?
00:13:55The loan should not be a burden on you, we need to understand
00:13:59this here. But especially Dakshita ji, if we look
00:14:02at it, there are benefits, there are risks, but here
00:14:06if we see that if there is also a risk,
00:14:10but if a person who needs
00:14:13to buy a property as an investment, they have one property,
00:14:16and we want to take another property, then in this situation, what
00:14:20would be better for us to do? No, you should definitely take a home loan
00:14:26to buy it, to build it, according to your needs.
00:14:30One to two properties are up to you. If you have
00:14:33the capacity, you are getting a good house, then you should
00:14:37definitely do it. But take a loan,
00:14:41a home equity loan, only when you need
00:14:43it, because sir, you will have to repay
00:14:47it.
00:14:49Yes, someone else will take it, some institution will take
00:14:53it. Yes, absolutely. And
00:14:57we saw recently in a survey that women who have taken
00:15:00loans are repaying them on time, meaning trust has increased
00:15:04in women consumers. But as Ejayshree ji was
00:15:08just saying that youngsters have a tendency
00:15:12to take everything on loan. Dakshita ji, should we also
00:15:15avoid such a condition and focus
00:15:19on what your actual need is?
00:15:22What kind of house will youngsters take a loan
00:15:26for? They will take it on their parents' house, right? Or something
00:15:29else? On property. Youngsters are restless
00:15:33and they are seeing, they are attracted, they are getting messages every day,
00:15:37take a loan, take a loan, so they say, let's take it. See,
00:15:41the thing is, what is the capacity of a youngster
00:15:45to take a loan? What extent of loan do they need? They can
00:15:48also get a personal loan. What will be their demand, to buy a mobile phone,
00:15:52to do this, to do that, but what will they mortgage?
00:15:55They will mortgage their ancestral land, their father's,
00:15:59mother's land. As for women, statistics also show
00:16:02that women are very cautious in matters of loans
00:16:06and debt. Because they understand how difficult
00:16:09it is to get money from home to build your property
00:16:13and assets. So there is no cure for the restlessness
00:16:17of youngsters, but the thing is that
00:16:20they will have to get the documents from somewhere else in the house.
00:16:24Yes, and we should not rush
00:16:28when we are going to take a loan. First, our objective
00:16:31should be absolutely clear. But if we have this situation
00:16:34that a youngster or a small family wants
00:16:38to have more needs on their property, is it possible that the property
00:16:42is in someone else's name, that is, in the name of someone else in the family,
00:16:46and if they want, can they also apply for a loan based on that?
00:16:49No, it is given in your name,
00:16:53in whose name the property is,
00:16:56the home equity loan is given in their name. Suppose
00:17:00it is in your father's name, you can become a joint owner and then
00:17:04take it, otherwise you cannot take it. But I want to tell
00:17:07you one more small thing. If you are elderly, after
00:17:11the age of 60, if you need a loan, you have
00:17:15an asset which is quite valuable,
00:17:18but you don't have money for daily life, there is
00:17:22another home equity loan, which is called a reverse mortgage.
00:17:25Yes, the property is in my name. My
00:17:29husband and I, or my husband and
00:17:32spouse, till the end of your life, you don't
00:17:35need to repay anything.
00:17:38This is done because elderly people don't have money,
00:17:41they don't have income, but based
00:17:45on the equity of that home, you can get a lump
00:17:48sum or monthly payments up to the age
00:17:51of, I think, 80. So
00:17:55no one can remove you from that house.
00:17:58When both of you pass away,
00:18:02then it reverts to the bank. This
00:18:06is a home equity loan. It needs to be tweaked a bit
00:18:09more in India, but if you are elderly and you
00:18:13don't have money to live, then your house
00:18:16can be a form of income for you. This, I
00:18:20think, is the most important
00:18:22part of a home equity loan. A positive
00:18:26aspect is how it can also become a source
00:18:30of income for us, but for this, it is necessary that you know all the rules,
00:18:33understand them well, and especially for home loans, we recently
00:18:37saw that the RBI had also issued new guidelines,
00:18:41under which a time limit has been set.
00:18:45The banks or loan companies can call the customer
00:18:48and take information or give information only within that time.
00:18:52But if information is sought beyond that time
00:18:56or the customer is harassed, then different provisions have been made.
00:19:00We will talk more about this, but for now it's time for a short break.
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00:20:25HOGAYA Steel.
00:20:29Welcome back after the break. You are watching Money Mantra, where
00:20:33we are giving you information. You have understood the difference between home loans and home equity loans.
00:20:37When what kind of need arises, which loan
00:20:40will work for you? Two special guests, Dakshita Das ji
00:20:44and Ejayshree ji, are continuously with us. Before going to the break, Dakshita
00:20:48ji, we talked about all aspects, but is it necessary
00:20:52that we always have an emergency fund
00:20:55when we talk about loans? Whether we talk about four or five months or
00:20:58for a longer time, it is better that along with loans, we should
00:21:02also consider an emergency fund. Absolutely, when you plan
00:21:05your household finances, and the
00:21:09trouble is that this discussion happens very little in India.
00:21:12An emergency fund should always be
00:21:16with you. Our mothers used to keep it, I remember
00:21:20my mother had a green pot in which she always kept money
00:21:23that if an emergency came, those days are gone,
00:21:26but we should discuss
00:21:29it in our homes so that we don't have
00:21:33to mortgage our property. See,
00:21:36mortgaging property is a debt.
00:21:39Building a house and mortgaging property are two different
00:21:42things. So that's why, Mukul ji, I completely
00:21:46agree with you that it is absolutely
00:21:50essential for us to have an emergency fund at home.
00:21:54Yes, an emergency fund is necessary for us because
00:21:58it is also necessary for taking a loan. And in this situation,
00:22:01Ejayshree ji, we would like to ask you that when we talk
00:22:05about a new house or a flat, and the trend in real estate
00:22:09has increased, we all know that, but in such a situation,
00:22:12is it possible that most customers, as we see,
00:22:16purchasing increases through home loans? But during this, what things
00:22:21should they keep in mind so that they are careful? See, your
00:22:25home loan EMI should not be
00:22:28more than 40% of your salary. 30 is the ideal.
00:22:32If you are paying more than 40% of your home loan,
00:22:34then your economy,
00:22:37your economic management is under stress.
00:22:41You cannot, you need money for food,
00:22:45travel, education, everything. So when you take a loan,
00:22:48you should see how much you can pay.
00:22:52Even if you take a home equity loan,
00:22:55I always say, as Dakshita ji said,
00:22:59that it is mortgaged. You are mortgaging
00:23:03the house. So take out 10%
00:23:06of what you get and put it in SIP, somewhere where
00:23:10you can withdraw if you need it. But
00:23:15for you. You can spend the rest,
00:23:18but remember that you are mortgaging
00:23:22your house, and this is your most valuable asset.
00:23:26And when you are buying a house, you are building
00:23:30an asset, so after your monthly expenses,
00:23:33see how much EMI you
00:23:36can pay. Don't do that my neighbor
00:23:40bought a very expensive house, I will also buy an expensive
00:23:44house. What happens is that your finances
00:23:47get so stressed that at some point an emergency can arise.
00:23:51But we often see that renovation and betterment
00:23:55are continuously seen just by looking at each other, but the need
00:23:58is that our focus and objective should be absolutely
00:24:02clear, only then will we be able to repay both home equity
00:24:05loans and home loans on time. Currently, Dakshita ji,
00:24:09both of you shared such important information with our viewers. Thank
00:24:13you very much to both of you.
00:24:16So you know how when we talk about
00:24:20a home loan and a home loan, there are many such things
00:24:23about which our special experts told us. And
00:24:27if we summarize it, what are those five
00:24:31big things that we should keep in mind? Let us tell you those five big
00:24:34things that you need to keep in mind. You can also consider
00:24:38them as five rules. What are those rules? See, the first rule
00:24:42is that you should take a loan according to your need,
00:24:46that is, keep the need and requirement in mind. Second, keep the EMI
00:24:50according to your income. If your EMI is 20 to 30% of your income,
00:24:53it will be better. Along with that, if we talk about interest rates,
00:24:57compare them, where it is more, where it is less, and where
00:25:01you feel better, you can apply for a loan from there. Besides this, there are many hidden
00:25:05charges, understand all those charges, what charges we will have to pay
00:25:09and when, get all the information, and it would be best if you definitely
00:25:12consult experts. If we talk about banks, there are experts there too,
00:25:16so you can also take advice from them. But during this,
00:25:20Even the customers and consumers make mistakes, we have to avoid those mistakes.
00:25:24What are those big mistakes? Let us tell you. The first big mistake,
00:25:27if we talk about it, is taking too much loan. That is, we needed
00:25:31perhaps 10 lakhs, but we took 15 or 20 lakhs. In such a
00:25:35situation, that burden keeps increasing on us continuously. We have to
00:25:38avoid it here. Along with that, the second big mistake that happens
00:25:42is the wrong assessment of EMI capacity. We feel that
00:25:45perhaps, if we look at it, we can pay
00:25:4830-40,000 EMI monthly, but for any
00:25:52reason, if we are unable to pay, then that will be a wrong assessment for us and a big mistake
00:25:56can happen. And especially, often we see that we feel that when we compare
00:26:00interest, where the interest is low, we feel that might be right,
00:26:03but this is not always right. So, never make a decision just by looking
00:26:07at low interest, don't think that we only have to take a loan from there. And also, often we
00:26:11see that because there are many rules and conditions that are constantly
00:26:15there and often we just keep turning
00:26:18the pages, keep signing, so this is absolutely wrong.
00:26:21Read all the information, the terms and conditions, understand
00:26:25them, ask an expert, and only after that sign,
00:26:29and also if you are taking any loan, whether it is a home equity loan, home
00:26:32loan, do not delay in its payment. If you delay,
00:26:36the loan can turn into a load. So you
00:26:40have to take care of this, that if you are going to take a loan,
00:26:43whether we talk about home loan or home equity loan, pay it on
00:26:47time so that your credit score also remains better and
00:26:51your needs can also be fulfilled
00:26:55all in today's Money Mantra. Please allow me.
00:26:57Namaskar.
00:27:16In Cyber Alert, this time we will talk about why the Meta chief
00:27:20said sorry to the government and also, if you have been a victim
00:27:24of cyber fraud, how you can get your money
00:27:27back. If your account has been frozen, what is the
00:27:31solution for you? The Money Restoration Portal has been created. Victims can come
00:27:34and apply on this. Court orders will not be needed. It can be returned without
00:27:38an FIR. The things that used to remain pending for months, now they have to be completed
00:27:42within the prescribed timeline. During police action, it is possible
00:27:46that some accounts may be frozen. Grievance redressal modulation for
00:27:49them. So watch Cyber Alert on Saturday night at 10 PM, only on DD News.
00:27:53पर,
00:27:56In this week's Defense Dynamics, in today's era, where military
00:27:59power is determined by technology, innovation and industrial
00:28:03capacity, know how Kaveri
00:28:062.0 can bring India closer to self-reliance in aero
00:28:09engines. Why is the Indian
00:28:12Navy's goal of creating a 200 warship force very important
00:28:16amid China's growing maritime presence, and how a 1500
00:28:20kilometer long-range anti-ship
00:28:23hypersonic design can strengthen India's maritime reach in the Indo-Pacific
00:28:27region. Watch the complete
00:28:30analysis this Saturday evening.