XCode 8 VirtualBox stuck with Processing Symbol Files

Recently have an urge to learn iOS programming, downloaded XCode and try to run it in my iPhone. However life will not let you be easy. XCode seems stuck forever in 'Processing symbol files'.

Tried several solutions online, which I will outline in later part of this article, to no avail.
After some trial and error, would like to share how I solved this issue.

First please get the VirtualBox Oracle VM VirtualBox Extension Pack for your version of VirtualBox. Recommended to download from official website.