Paying off a ₹53 lakh home loan is a significant achievement. A Reddit user recently described their experience doing precisely that over six years, providing a refreshingly candid look at what it truly takes to become debt-free in today's housing market.

Key Highlights

• A ₹53 lakh home-loan taken in 2019 was fully cleared in six years through aggressive pre-payments and higher income.
• Despite the home now being worth ~₹1 crore, bank balance was nearly empty — net worth doesn’t mean liquidity.

The user, who goes by TellDelhi, stated that they took out a home loan in September 2019 and will repay it in November 2025. The loan summary shows a total payment of around ₹67 lakh, including ₹14 lakh in interest, with 73 installments fulfilled.

The user's main advice? If you are prone to overthinking, consider twice before taking out a loan. "If you are an overthinker or suffer from worry, do not take out a home loan. "The mental pressure is real."

Relocating to Germany in 2021 was a significant benefit. The additional income from abroad hastened prepayments, allowing the debt to be closed earlier. "If you have the chance to work abroad, especially with a loan, go for it," they wrote.

Other lessons discussed were the importance of developing a repayment schedule, consulting with financial counselors, and prepaying as much as possible to save interest. "Despite paying off the loan in six years, I ended up paying ₹67 lakhs total." The bank received ₹14 lakh, which is a significant amount. "Plan wisely."

Also Read: Bajaj Finance Records 27% Festive-loan Jump; 52% New-to-credit

The post also touched on the emotional aspects of homeownership. "Buying a house is emotional at first, but it fades as maintenance concerns accumulate. Owning a property also entails accepting responsibility for its difficulties."

Although the residence is now valued at ₹1 crore, the user mentioned that liquidity is a different issue. "My home is worth ₹1 crore on paper, but my bank balance is almost empty." Net worth does not equal liquidity.

Still, the experience provided some unexpected benefits, ranging from financial discipline to motivation. "If you're feeling unmotivated in life, get a home loan." You'll work harder, pursue bonuses, and handle your money better."