Please help me to start building corpus for home loan down payment

POSTED BY sridhar_1982 ON October 9, 2013 1:24 pm COMMENTS (3)

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.

3 replies on this article “Please help me to start building corpus for home loan down payment”

  1. ashalanshu says:

    Dear Sridhar, Can you not switch your 2BHK to a 3BHK as and when actual need arise? In a sense, you ‘ll be paying for a facility which you are not going to use for next 6-8-10 years. Please think over it. The moment, you tone down your target, things ‘ll be more manageable for you.

    Thanks

    Ashal

  2. sridhar_1982 says:

    Thanks for the response Ashal.

    We are 4 in our family.. me, spouse and parents.. So at this point a 2BHK will make sense but down the line after 8-10 yrs we will need a child room.. Our parents will stay with us so 2BHK will not be a choice..

    Sridhar.

  3. ashalanshu says:

    Dear Sridhar, let me ask you a blunt question, Why do you want to go for a 3BHK house at this point. Why not a 2BHK?

    Thanks

    Ashal

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