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Prakash
Reetika Sharma642 Answers |Ask - Follow
Financial Planner, MF and Insurance Expert - Answered on Jul 10, 2026
Asked on - Apr 27, 2026
Hello, This is prakash . I want to buy home in mumbai location. Having income of 5 lakhs per month. Out of which i saved around 1.52 crore. I dont have any loan till today . I belive to do everything should be done without loan so whenever i reach on particular amount then i go for it. But property is higher rate on mumbai location and i am trying to buy 2 bhk aprtment. And apart from F.D i dont have any other savings or mutual funds nothing only medical insurance having.
Just suggest me how i can plan for aprtment and how i can plan for future of my daughter she is now in 9th class.
Regards
Prakash
Ans: Hi Prakash,
Firstly congratulations on building such a strong financial foundation. Earning ?5 lakhs per month with absolutely zero debt and accumulating a cash surplus of ?1.52 crore purely through disciplined savings is an incredible achievement.
Your principle of staying debt-free is also highly commendable.
As your daughter is in the 9th class, you have a strict timeline of exactly 3 to 4 years before she enters higher college education. Leaving your entire corpus in Fixed Deposits (FDs) means your money is likely losing purchasing power to real estate inflation and rising education costs.
As you have short-term, critical goals (buying a home soon and college fees in 3-4 years), you cannot afford high-risk equity markets for this entire amount. We need to split your savings to protect both goals.
>>> Daughter's Education Fund (Secure Immediately): Allocate ?40 lakhs from your current pool into highly secure, predictable instruments like Multi-Year FDs or Target Maturity Debt Funds. By the time she completes 12th grade, this will grow to roughly ?50 lakhs, ensuring her higher education is fully funded without touching your monthly salary or requiring an education loan.
>>> The Home Down-Payment Pool: This leaves you with ?1.12 crore purely for your property purchase.
Home Loan is considered as a good loan. And if you use even 75-80 lakhs from the 1.2 crores for down payment and take loan of the remaining amount, you can easily afford the monthly EMI form your income.
Invest remaining 40 lakhs in Equity and Hybrid mutual funds for your secured future and retirement.
Also focus on increasing your paper investments in instruments like bonds and mutual funds. This will help in creating liquid long-term wealth for you.
And do make sure to have a family floater health insurance for family. And since you're the sole bread earner, consider taking a proper Term Plan for yourself of minimum amount of 5 crores to secure your family.
Let me know if you need more help.
Best Regards,
Reetika Sharma, Certified Financial Planner
https://www.instagram.com/cfpreetika/
(more)
Firstly congratulations on building such a strong financial foundation. Earning ?5 lakhs per month with absolutely zero debt and accumulating a cash surplus of ?1.52 crore purely through disciplined savings is an incredible achievement.
Your principle of staying debt-free is also highly commendable.
As your daughter is in the 9th class, you have a strict timeline of exactly 3 to 4 years before she enters higher college education. Leaving your entire corpus in Fixed Deposits (FDs) means your money is likely losing purchasing power to real estate inflation and rising education costs.
As you have short-term, critical goals (buying a home soon and college fees in 3-4 years), you cannot afford high-risk equity markets for this entire amount. We need to split your savings to protect both goals.
>>> Daughter's Education Fund (Secure Immediately): Allocate ?40 lakhs from your current pool into highly secure, predictable instruments like Multi-Year FDs or Target Maturity Debt Funds. By the time she completes 12th grade, this will grow to roughly ?50 lakhs, ensuring her higher education is fully funded without touching your monthly salary or requiring an education loan.
>>> The Home Down-Payment Pool: This leaves you with ?1.12 crore purely for your property purchase.
Home Loan is considered as a good loan. And if you use even 75-80 lakhs from the 1.2 crores for down payment and take loan of the remaining amount, you can easily afford the monthly EMI form your income.
Invest remaining 40 lakhs in Equity and Hybrid mutual funds for your secured future and retirement.
Also focus on increasing your paper investments in instruments like bonds and mutual funds. This will help in creating liquid long-term wealth for you.
And do make sure to have a family floater health insurance for family. And since you're the sole bread earner, consider taking a proper Term Plan for yourself of minimum amount of 5 crores to secure your family.
Let me know if you need more help.
Best Regards,
Reetika Sharma, Certified Financial Planner
https://www.instagram.com/cfpreetika/