Dear Sir,
My wife and myslef, both are working and getting a net take home of Rs.1.5L per month. Our current portfolio is almost zero now as we have booked an apartment in B’lore and have just started repaying the home loan.
My age: 37 yrs
Wife: 35 yrs
Child One (4 yrs)
My current portfolio is:
Self
Life Insurance Term: Rs.1.5 Cr
Life Insurance Conventional: Rs.7.5 Lakh
ULIP: Rs.2.5 Lakh
Wife
Life Insurance Term: Rs.90 Lakh
Life Insurance Conventional: Rs.5 Lakh
ULIP: Rs.1 Lakh
Combined for both
Mediclaim Insurance: Rs. 5 lakh floater and a top plan of 15 Lakhs
One home in Navi Mumbai (loan free) currently valued at about 80 Lakh and giving us a monthly rental of Rs.15,000 at present.
RD account: Rs.3000 per month
MF: Rs.20,000
FD: Zero
Direct Equity: Zero
Since I have bought the home recently, I have utilised all my saving for paying my share for the apartment. The flat is under construction and will take another 18 months to be ready and hence I am staying in a rented house now.
Home loan balance: Rs.90 lakh and tenure 20 yrs (pre-EMI of Rs.58,000 average)
Monthly expenses 35,000 + 25000 as house rent
Savings per month about Rs.10,000 only after the above expenses.
I request if I can be suggested some good investments to earn fair return (about 10-12% per annum) so that I can repay my loan fast and also save something for my future.