Hi,
I am 30 yr old male earning around Rs 60k/month.
Liabilities per month :
EMI HL : Rs 23138 (flat purchased is in another city; I am staying in a different city currently coz of professional reasons); principal amount left to be paid to bank : Rs 19,50,000
EMI CL : Rs 5311 [principal amount left to be paid to bank : Rs 200000]
Rent : Rs 8500
Other expenses : Rs 10000 including bills, daily expenses etc
Recently I got posession of my flat (not in my current city) for which I had to make a substantially big amount final payment which almost drained all my savings till date. I sold off all MFs, shares, ULIP, NSC etc.
I plan to get married in next 6 months although the expense will be covered by my parents 🙂
I would request you to give me a bit of guidance regarding financial planning and smartest moves to maximise savings in this scenario (what exactly is possible at my end; way forward basically). What do you think of my current financial position?
Please note –
1.both HL & CL EMIs are paid on the 15th of every month via ecs
2.I have an emergency fund of a Rs 1 lac FD (1 yr FD) [just in case]
3.I am working for the last 7 years and invested 70k in PPF every yr and I havnt touched that fund.
4.Will putting the flat on rent a viable idea? I am not much emotionally inclined to put my brand new flat on rent 🙂 The appreciation in that property is good. Rates are almost double now w.r.t when i booked. I dnt have plans to live in it in the nxt couple of years.
5. Incase you suggest any invesment plan – kindly mention the same in a bit detail.
6. i donot have a mediclaim and a life insurance currently.
My apologies for the looonnggg post but I thought detail will help you in understanding my scenario and accordingly help me out.
Thanks and Kind Regards..