We are a couple with a kid of 1.5 yrs. Income of 75K and Expense of 20k per month. No loans. Saving – 8 lakhs. For tax saving we have few ULIP and LIC endowment plans which together come to premium of 75k per annum. Medical insurance provided by the company we work for.
We want to buy a plot in Bangalore and construct for self occupation/partially rent out. We have identified a B khata plot priced at Rs. 3000/sq.ft (as A khata plots are costlier). We will have to go for Plot loan of 28 lakh with an interest rate of 11-12%; our savings of 8 lakh would go as down payment. We have to bank with India bulls/DHFL as SBI and other banks do not finance B khata properties.
We plan to sell a property in our native which might yield about 12-15 lakh & divert this as a down payment for our future homeloan for construction (in next 2-3 years)
Please let us know your thoughts on this plan and help to make it better and also safe.