Good evening sir.
With your kind help I took e-term policy from Kotak life.Now I want to purchase a plot by taking loan. I am Andhra Pradesh state government employee. I did not take any loan in any form till now. My net salary for a month is Rs. 40, 000. I can save Rs.15000 per a month. now I have Rs. 3,00,000 in reserve money form and Rs. 1,00000 costs gold in my hands. I want to pawn this gold and also want to take loan to buy a plot of worth Rs. 12,00,000. Is my decision correct sir? I don’t have any assets till now. If my decision is correct, please guide me in this aspect sir. Which companies are giving loan for purchasing plots? How much installment is preferable to my salary?
Balu-It is great to know that you bought the term insurance. Next emergency steps involves are having health and accidental insurance. Later on create an emergency fund of 6 months household expenses. Once all these are in place, then plan for major goals like kid’s education and marriage (I hope Retirement plan will be taken care by your employer). Once all these are funded properly, then check out the surplus available with you.
If you have enough surplus to pay towards the EMIs of this new plot loan, then ONLY go ahead. Otherwise don’t be in a hurry. Never pledge the gold and go for loan. Interest rate will be at higher end. Hope you act with calm.
Usually all nationalized banks offer loan for purchasing residential plots (SBI ONLY offers composite loan, where you have to start construction after certain period). In my view loan is not an issue, but understand yourself whether you finance allow you to do this.
Thank you for your kind advice sir.
My state govt can bear my family medical expenses,as i am under employees health scheme.so please tell me where can i get a good accidental insurance?
Balu-Read my earlier post on the same at “Best Accidental Insurance Policy in India-How to choose them?“.