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POSTED BY ON November 30, 2012 10:32 pm ONE COMMENT
Hello Manish,
I am a great fan of yours and regularly read your articles on Jago Inverstor jago. I also take help on many of my financial issues. Its a great free help indeed.
I personally need your wise help in some financial management of mine.
I am on a stable job in some Private Organisation. I draw monthly salary around 75K. I am having home loan of 16 lakh for 20 years (started on june 2012). I am paying EMI of 18K(per month). I am having Normal Insurance of 50L approx and one term insurance of 50L.
My father is retired recently and he will get 30L Approx from PF and Gratuity.
He will also get pension of 12K per month Which will be sufficient for retirement
Now my question is
Will it be wise to pay my home loan by father’s money and pay him 18k per month so that he can invest in reccuring kind of thing and get appreciated. rest 14L he can do a fixed deposit. Please consider that both of our money is same and all will belong to me. Please suggest if you have any other best option for me.
Thanks in Advance
Regards
Deb
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you have stable job good income and low emi. You can easily pay off your loan without dipping into his retirement lumpsum
Protect his retirement years by wisely investing the 30 L say 75% in debt instruments and 25% in equity. This will help him fight inflation in future, serve as a medical emergency fund (mediclaim will not pay for everything esp in old age) and for other contingencies which may arise.
This way he will have a comfortable retirement and if you invest wisely a good amount of the money will come to you after his death. you could then use it to for your own retirement.