Question

Speaking Activity

Based on your understanding of the play ‘The Never – Never Nest’, organise a classroom debate on the topic: ‘Is Equated Monthly Instalment Scheme - a boon or bane to middle-class families?’

Answer 1

A	Equated Monthly Installment scheme is a boon. Middle-class people who can’t dream of owning a home or even buying a two-wheeler get the benefit.
B	How do you prove it?
A	Well, a person who earns 15,000 rupees a month is able to take a house loan. Shri Ram, Finance Investment company of Bajaj Fin Serve offers scooter, car loans on as low as 7% interest. So a man can avail of the benefits first but pay later.
B	My dear friend, you present the matter as if it is just easy. What happens if a medical emergency happens and if the person is unable to pay back EMI for a housing loan or vehicle loan. Don’t you know a farmer was beaten by “Collection agents” for not? being able to pay back EMI arrears of just 50,000 rupees? The farmer, unable to face the disgrace committed suicide. Didn’t you read it in the newspapers? EMI scheme is a bane.
A	My dear friends, such a rare occurrence should not be blown out of proportion. For a health emergency, one can join Prime Minister’s health insurance scheme by just paying 12 rupees a month. Besides, there are also Health insurance schemes by the Tamil Nadu state Government that cover the cost of critical Health care up to 60%. I assert EMI scheme is a boon for all middle-class people who keep EMI to less than 50% of their total earnings and have 10% for other unforeseen expenses. If one leads a planned life, the EMI scheme, I reiterate is a bane.
Judge	Now both the teams have argued their case very well. Now team A has almost justified that the EMI scheme is a boon.
B	Sir, I would like you to take a look at the notice released by all leading banks containing the list of housing property confiscated due to non – payment of EMIs.
A	Every middle-class Indian has dreamed of owning a house. If one saves money say for twenty years to purchase land or a house the cost would definitely go up by 10 times. Save now and buy later doesn’t suit modem lifestyle. It is true that we should not speculate much. At the same time, one can calculate earnings, future pay hikes and keep the EMIs within payable limits – such judicious spending will really make EMI schemes a great boon.
Judge	Listening to the arguments of both the team, I conclude EMI scheme is both a bane and a boon. For those who are always on a spending spree irrespective of their limited income, the EMI scheme is a bane. For those who think twice before making a hasty purchase and narrow down their choice only to vital needs, definitely EMI scheme is a boon. Use the EMI scheme wisely. Good luck.