Below is the scenario of my friend:
- Total gross earning is 24 lacs p.a.
- Living with brother but now want to get separated due to location issue
- Got one house worth 50 lacs ( Though people are estimating between 55 to 60 lacs) but NA title is not cleared and not expecting much appreciation in future due to location
- Already shortlisted a house worth 92 lacs
- Planning to start own business in next 2 years and he may need a office of 1000 Sq ft for 15 people staff
- Want to build capital of 3 CR for kids and retirement in next 10 to 12 years
- Got 30 L surplus
His plan is:
Take home loan of 75 L and get relocated. Try to finish home loan on asap and sale existing house (worth 50 L) to buy small house (may be of 35L) for better appreciation in next 5 years. Also invest in gold (15 L) for good return as well as backup if something goes wrong and unable to pay EMI
Please share your thoughts and better options.