Your expenses are currently higher than your income! This is your priority #1! I cannot stress enough that if you take on new debt in order to make payments on old debt, that is often the last stage before financial breakdown.
This is a serious problem, even without your current level of debt. But you have not given us your monthly expenses. I suspect this is because you do not currently have a budget. Once you solve your budgeting problem, only then can you start to address your current debt problem. Otherwise, you will have the same debt problem next year, and the year after.
In order to maintain this level of expense at this level of income, you have fallen into a trap of borrowing (on long term debt, as well as outrageous short term debt). You seem to mention credit card rates with their monthly interest rates, but if you called them by their annual rates of >50%, it would likely make your skin crawl. If your credit card has an annual rate of 50%, and you fail to pay off the card for two years [it looks like you are currently not paying off your cards for many years], whatever you buy on it actually costs more than double what you think it does.
You have a few options to consider, and may need to perform many changes combined, in order to get more success:
(1) Track 100% of everything you spent last month, whether in cash, or by card, or bank payment. If you do not have a budget and do not review your credit cards in detail, you may be shocked even at this stage to realize how much you spend on, for example, clothes and entertainment. This information will form the basis of preparing a monthly budget.
(2) Prepare a monthly budget, just for 1 month at first. This will be difficult, and there will be a lot of learning and growth before you are able to be confident and successful in this, but you honestly must start, the sooner the better. There are more in-depth guides on budgeting available (google "You Need A Budget" for a popular method), but the basics would be: consider every category of spending (rent, car, entertainment, clothes, food, utilities, gifts, interest payments, principal debt payments, savings), and allocate your income to each of these catagories. Your budget cannot be higher than your income! If you absolutely cannot make the budget 'work' (expenses higher than income), you need to start considering more drastic measures (see further work below).
Part of setting a monthly budget will be to take into consideration your current and future financial goals. When do you want to be debt free? Do you need to save for education for yourself or a family member? Have you thought about how you might be able to retire in the future? These are deep questions that may be scary for you today, and perhaps you can put off these questions for a month or two while you get the rest of your budget in order, but in the near future you must ask yourself honestly about these things.
Off the top of my head, without knowing anything except what you have provided, the following seem like areas of improvement to reduce your monthly expenses:
You are saving money each month in mutual funds (do you have any savings already you could cash out?), earning probably 10% each year or less, while you have outstanding credit card debt that seems to have annual rates of 50% each year or higher!!! which is better, save 1000 to earn 100 Rs, or pay off 1000 of debt to save 500 Rs?
You seem to have two different life insurance policies costing you about 5000 Rs a month. Again, if you used these funds to pay off your credit cards, it would save you about 2500 in interest over the course of a year. Cancelling these policies may be difficult, and depending on your age, it may be more expensive to restart these plans in a few years when you pay off your debt and take on a new insurance plan. So it may be a painful decision to cut these, but as it stands it might be necessary. Hard to know before you prepare and follow a budget to see what else can be cut.
A general rule of thumb is that housing costs should not exceed 1/3 of your income. Whether this is possible or preferable will depend on your location. In some places, housing can cost less than this, in some places it must cost more. Depending on your income level, you may be able to live more modestly than 1/3 of your income, etc.. However using this rule of thumb, we can see that you pay about 1/3 of your income on mortgage and home debt alone. Add in utility costs, property taxes, and home repairs, and I expect this number comes closer to 50% of your monthly income. That is a red flag. **So the question here is: can you lower your housing costs, by moving, or taking on a roommate, or something else? You are in an extreme situation here, and perhaps you need to even sell your house and rent until you are more stable.
Is earning more income possible, either with a side job, or having someone else in your household also work?
As for your other expenses, you have given no indication of what they are, but I expect they are probably higher than you might tell yourself. There is no way to know this until you go into your last month of spending in detail, and create a budget and try to stick to it.
(3) Stick to your budget! Every month, you must total up all of your expenses, compare them to how much you budgeted, and determine where you did better or worse than you planned. Yes, every month! Every week even at first could be very informative! This will take time, practice, and commitment. Do not throw it away if you fail month 1, use that as an opportunity to learn.
(4) Create a long term payment plan for all of your outstanding debt. This includes a calculation of how long it would take you to pay off your debt at your planned repayment levels. Since you mostly listed just minimum payments on your debt, I expect that this is how much you are currently paying. I haven't done the math, but most often it takes 10-20 years to pay off credit card debt by making minimum payments, which would mean that everything you are currently buying could have a true price tag of 5-10x what it costs initially. You must aggressively pay down your credit card debt. You must commit to not take on more credit card debt.
(5) Look into consolidating your high-rate credit card debt into a loan with a lower interest rate. Given that you have a second loan against your home, you may have tried to do this in the past, but possibly without also minimizing your expenses at the same time. This is why I said you must set your budget first - without discipline, you will be back in the same place very quickly.
(6) Reach out to those you care about and those who care about you. Now is the time to ask for help. Perhaps you will be able to lean on the satisfaction of self-improvement to motivate you, but you will also need support from those around you. Do not hide your financial situation from your friends and family. If others do not know you are struggling, you may feel more alone, and they may even become part of the problem (pressuring you to spend lavishly on meals, etc.). Whatever support network you can surround yourself with, could become life-saving.
(7) Sell anything you have of value that you do not need. Everything from a car if public transportation is possible, to extra clothing you don't wear, to old videos and entertainment systems and appliances. This will give you a little initial cash to pay down debt further, but also will be part of committing yourself to not continuing to spend new money in these areas. Leave yourself what you need to survive and function, but you will need to make some sacrifices (don't lie to yourself about what you need - if a TV that you could sell for $50 is your only entertainment, don't sell it so that you end up feeling the need to buy a new one for $150 next month). Now would be a good time to consider 100% free entertainment options (outdoor exercise, even simply walking every day, may significantly help your mental and physical well-being, especially if you work indoors all day at an office-type job.
(8) Consider liquidating any savings you have, perhaps even in tax-deferred accounts. I am not familiar with what penalties there may be for doing this in India, and this is usually not recommended, but you are in extreme circumstances, so learn about the options and what they would mean for you.
(9) Avoid excess as much as possible. This means not eating out, not providing assistance to others you can't afford (I don't mean you cannot give anyone a gift, but if you have fallen into the trap of paying for entertainment expenses on credit cards, you may also feel socially pressured to pay for things for others, and now is the time for sacrifice; if you spend yourself into a hole today you cannot help anyone tomorrow).
(10) Ultimately, one option that may make sense for you is to declare bankruptcy. I am not sure of the rules for this in India, but you must do the research to understand what this would mean for you. If this option intimidates you, use the analysis as motivation to pay off your debt instead, but don't avoid learning about it now. If you continue to pay down debt with new debt, you will end up here soon enough, so it would be better to understand what that would mean, and avoid it if at all possible.
You have a long road of learning and discipline ahead of you if you want to get out of your financial position. It will be difficult, especially at first. This does not mean there is no hope. Have hope, faith, reach out to your social network to support you in whatever way is possible.
I wish you the best of luck.
