Hi, I am employed in Maldives from last one year and while applying for a home loan, bankers are asking me if I have filed IT returns or not. Shall I file the same in Maldives or in India. My salary is around 6 to 7 LPA.

Ans: Hello;

Please provide the following details so as to help you better:

When was NSC investment done?
When was KVP investment done?
Term of loan and extent of principal repaid till now.
Any EPF/EPS and/or NPS corpus?
Any ongoing SIP in mutual funds?

Thanks;

Ans: It's great that you already have a term plan of Rs 75 lakh, but getting health insurance should be a top priority now. Here's why:

Health Insurance Coverage: Medical expenses can be high, and without health insurance, you may have to dip into your savings to cover unexpected medical costs. Health insurance safeguards your family's financial stability against medical emergencies.

Affordability: The cost of health insurance increases with age. Buying it earlier ensures lower premiums and wider coverage options.

Term Plan Enhancement: While your Rs 75 lakh term plan provides a safety net for your family, enhancing it can be considered later. The priority should be to ensure you're protected against health-related risks first, as they are more immediate and recurring.

So, start by getting comprehensive health insurance for yourself and your family. Once that's in place, you can review your term plan and consider enhancing it based on your future financial goals and liabilities.

Ans: Hello;

My suggestion is instead of taking more home loan you should utilize your corpus for home finance requirement so as to reduce total EMI.

A monthly SIP of 2 L will yield you a corpus of 8.16 Cr in 13 years time frame.(A modest return of 13% is from pure equity funds is assumed).

If you are keen to achieve your target in 10 years then the current monthly SIP needs to be topped up by 13% minimum each year to reach 8 Cr in 10 years.

I am assuming you utilise the existing 1 Cr corpus towards loan prepayment/reduction hence target calculation done for 8 Cr instead of 7 Cr.

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

Ans: Hello;

My suggestion is instead of taking more home loan you should utilize your corpus for home finance requirement so as to reduce total EMI.

A monthly SIP of 2 L will yield you a corpus of 8.16 Cr in 13 years time frame.(A modest return of 13% is from pure equity funds is assumed).

If you are keen to achieve your target in 10 years then the current monthly SIP needs to be topped up by 13% minimum each year to reach 8 Cr in 10 years.

I am assuming you utilise the existing 1 Cr corpus towards loan prepayment/reduction hence target calculation done for 8 Cr instead of 7 Cr.

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

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Ans: This could be Gatroesohageal reflux disease
Please rule out any underlying cardiac issues