NIRAV AMIN, 45, had planned to finish repaying his home loan by the time he turned 52. However, with interest rates going up and inflation on the rise, he now feels it will take a lot longer.
Amin works in a big tours and travel agency in Ahmedabad. His finances were hit hard by the pandemic and he is yet to recover. His salary has still not been fully restored and as a result the family’s savings have also eroded. “We pay income tax and we pay taxes on everything,” he said.
He has been very careful with money, bringing down discretionary spendings to the minimum. “Salaries are not rising, but everything is becoming costly,” he said. “Ultimately, it is the end user—the common man—who has to bear the brunt.”