I have a pagdi 220 sq ft 1 RK house in dadar east.

Q: I have a pagdi 220 sq ft 1 RK house in dadar east. Mumbai and redevelopment chances are very low.I have taken a loan of 30 lacs @10.5% remaining 152 months for a house in Thane.I am confused 1)Whether I should sell the pagdi house for approx.30L net and make full payment of the loan as my outgoing is huge or 2) Should I make a part payment and reinvest the funds in other property and rent it out or 3) let-out the present pagdi house for rent of net Rs.9000/-p.m.? Please advise. I have a car loan of Rs.1,30,000/- @9.5% for 1 yr.Both the loans are consuming 50% of my salary.