Plan for maximum returns
December 12, 2010 10:56 pm
Dear Manish & Members, Its a great contribution from you all & first let me thank & wish you all the best. My prevailing scenario is
- I’ve been living in rented houses for the past 4 years & the total paid out is about 2 Lacs
- Currently i’m planning to move to a leased residence which shall be around 2 Lacs.
- I’m planning to raise the 2 Lacs at 1% int.(Hopefully, but that might also hike)
- My work out was that, i shall pay the interest monthly & save 5K every month & repay against capital.
- Every year i shall add up 1K for repayment.
- Likewise, after 2 yrs completion, i’ve added another Rs. 50000/- for lease renewal.
- Hypothetically, in the 40th month, i should have cleared my debts & my total interest payout would be Rs. 50800/-.
My query is
- How can i monthly save the amount with best possible growth(of course with low risk as it needs to be with drawn every 6th month)
- This is to earn back the total or a part of the interest paid during the loan tenure.
- This is my broad idea & am not a proficient in finance. If anything better or best can be done, pls do suggest. I’m totally fed up with the pay out named “RENT”
With thanks in advance,