Buying a Flat @ 43 years of age or not

Q & A ForumCategory: Home Loans & CreditBuying a Flat @ 43 years of age or not
KrishnaKP asked 9 years ago
Dear Srikanth, I am 43 years old. I would like to purchase a flat of Rs: 60 lacs. Now in hand, I have cash of only seven lacs. my self and spouse together are eligible for home loan of Rs 60 lacs. We have enough term insurance and health policies (earlier taken your advises and followed). One child studying B.Tech first year and have enough money to complete her rest of education (B Tech). But I do not have any savings for her marriage yet. Of course, I have a plot of worth 14 lacs for that. Please advise me whether to go for purchasing a flat on home loan or go for any retirement plans. I do not have any flat or house to live and my spouse will have pension facility. Thank you, Krishna KP
3 Answers
Sreekanth Staff answered 9 years ago

Dear Krishna ji,
May I know, what about your retirement plan? Is your daughter planning for higher studies (PF)?
Is the expected pension (spouse's) sufficient for meeting your family's projected living expenses?
Have you already made any other investments?
Is this proposed purchase for self-occupation or for rental income (investment)??

KrishnaKP replied 9 years ago

No Retirement plans yet
Higher studies plans are there, Yes
I think, expected pension of spouse may be sufficient I guess!
No other investments except the plot which I mentioned in my earlier post which will be used for my daughter’s marraige.
The proposed purchase is for rental income at present and in future for my self occupation. At present I am living in company provided quarters.

Sreekanth Staff replied 9 years ago

Based on your response, I strongly believe that you may plan for your retirement than to buy a property. You may go through the suggested article to check the projected retirement expenses and required retirement corpus.

KrishnaKP replied 9 years ago

Thank you so much….Krishna KP

Sreekanth Staff answered 9 years ago
Kindly read : https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
KrishnaKP replied 9 years ago

Thank you I will read this article…Krishna KP

KrishnaKP answered 9 years ago
No Retirement plans yet
Higher studies plans are there, Yes
I think, expected pension of spouse may be sufficient I guess!
No other investments except the plot which I mentioned in my earlier post which will be used for my daughter’s marraige.
The proposed purchase is for rental income at present and in future for my self occupation. At present I am living in company provided quarters.
KrishnaKP replied 9 years ago

Sorry.. I got your response for this..again..Thank you

Scroll to Top
Secret Link