Hello,

I’m Sridhar and I work as an IT Architect. I’m working in the industry for about 8 yrs now.. but with very little savings.. hardly 2 Lkhs.. I spent about 8 Lkhs for health alone in my family.. 1 minor surgery for father, one surgery in US for myself(cost 1 Lk as co-pay), 4 surgeries for my mother and 2 times 2 week hospitalization for mother for post surgical problems.. all together comes to about 8 Lkhs.. I spent most of my savings in hospitalization..
As for my current situation, I’m 31, married and my wife also works.. My salary is around 93k and my wife draws 23k per month. We have recently started savings towards buying a home.

We are planning a 3BHK Apartment by 2015/16.. We want to have 15Lkh initial payment.. Property cost may be around 80Lkhs by the time we buy it..

Please advice how I can start building this corpus for home loan down payment. I have a term insurance for 50Lkhs with premium of 8500/annum.. I don’t like ULIPs as they give me very little insurance benefits and most of my friends are in loss. I don’t know how share market/mutual funds work so I don’t want to go that route.. may be I’ll think of it for a long term investment but for now buying a house is on top of the list.

My CTC is now 15.5Lks/annum and might will increase to about 17Lkhs next. My wife salary is 3.60Lkhs and might get a little hike next year which may be 4Lkhs/annum..

Please help us with advice to achieve our dream. Thank you.

Sridhar.