“Never a borrower nor a lender be” because a loan normally loses itself and the friend. This is an old adage right?

Surely Nehru, Gandhi, Rajaji did not have a credit card but their great grand children would all be carrying a credit card, maybe a housing loan (or home mortgage as yankees say it), a car loan, and perhaps even a personal loan.

Though I am a lil ol’ fashioned in saying that borrowing is bad, I guess today everybody has a loan. So if you must borrow, you should take a home loan – which is about 33% cheaper because it is tax deductible.

Do not be in a hurry to repay your home loan, and then take a car loan – it makes no sense. Keep the home loan for the fullest possible term and the surpluses (which tempt you to repay the housing loan) should be invested aggressively or used to repay the more expensive loans like car loans, personal loans, credit card loans.