Hi Manish,
I am a close follower of ur blog. U are doing a great job. I am one of the person whose life is enlightened by your knowledge sharing on financial planning.
I jointly with my husband has taken SBI maxgain home loan. Emi & maintenance eats 52% of our income and around 35% evaporates in our home expenses. Approx 10% is what we can save right now. Situation may change once our kid will start going to school after 2 yr.
We are planning to park our excess money in maxgain a/c to gain benefits of overdraft facility. Also, emergency fund of 2-3 months is kept aside. We have PPF a/c but off late we did not had money left. Planning to put atleast 3000 pm.
Now after getting knowledge from ur/other blogs on SIP and power of coumpounding, here are my queries. please reply for me to get out of this confusion.
1. Shall we start SIP from half of the savings say 5000 and half the amt as recurring deposit per month. Our plan is to use recurring deposit for part payment of Home loan and SIP for creating wealth in long run say 10 -15 yrs. Is this the right way??
2. Planning to start 2000 in Hdfc Balanced as i am a beginner in mutual funds and then will start with large cap ICICI focused Bluechip Int G and mid and small cap IDFC premier equity with 2000 each. Focus will be 15 – 20 yrs. Please comment.
We can plan to increase our sip once we are out of this home loan. We are keen to close our home loan in 8-10 yrs to save interest.
Awaiting your response.
Regards,
Sushila