Greetings & Many Thanks for important information sharing since years, I regularly read your articles.
Humble request to kindly advise on below situation
Me & my wife , each gets 1 lac in hand salary. We have 2 EMIs (24200 for a loan of 2500000, 9.95 ROI, started in 2013, since last 6 months we get rent of 12000 per month from this property which we dont show in Income) another EMI is for our home where we stay ( 22955pm for a loan of 22lacs started since 8 months, tenure is 15 yrs, 9.45 ROI) here out of 22 lacs I make interest of 11000pm for 7 lacs given on interest to my brother.
We have 5 lac Rupees cash in hand which we got annual bonus this month, since the property which we rented out is inside main road & difficult to sell hence we want to make prepayment & then make 15lacs BT to Axis bank with 8.5 interest. Kindly advise out of 2 options
shall we dump 7 lac + 5lacs = 12 lacs in rented property so that EMI goes to 8k pm only OR we should dump only 5 lacs. Kindly advise
How about your investment towards your financial goals which are sure to come in your life (like retirement and kids education)? Whether you are comfortable to achieve with them? Started those investment or about to start?
LIC policy of 25 years started in 2012, Premium 108888 annually. my wife has LIC of 47000 annually due in 2025. Aside we have PPF & Sukanya Samridhhi for our 4 year old daughter with total of 3 lacs balance opened on 2014( me & my wife are 37-35 following single child policy). our monthly expenses including both EMIs of 50k are spent from my salary & we save our wife’s salary. Sometimes I am hardly left with 2000 in my salary account due to our blind love of purchasing for our single girl child( many a times we end up in paying so many dresses for her). My wife has FD of 12.5 lacs & cash in SB account is 5 lacs. for the asked question we purchased first property in 2013 which is rented(24k EMI) & another in 2016 Sept(23k EMI) . Hope the details makes clear scenario…..thanks
But do you think LIC, PPF and Real Estate suffice to meet your kid’s education or retirement goals? You may be invested, but not in a planned way.
🙁 , I asked simply whether I should make prepayment or not , in reply you even confused me more.
What should be the better ways of investment then ? shall I prepay or not ? kindly suggest.
You need YES or NO, which I can’t give without knowing much about your financial life. If I do the same, then what is the difference between the so-called experts who appear in media and to ME?