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Sunil

Sunil Lala  |203 Answers  |Ask -

Financial Planner - Answered on Dec 06, 2023

Sunil Lala founded SL Wealth, a company that offers life and non-life insurance, mutual fund and asset allocation advice, in 2005. A certified financial planner, he has three decades of domain experience. His expertise includes designing goal-specific financial plans and creating investment awareness. He has been a registered member of the Financial Planning Standards Board since 2009.... more
marines Question by marines on Nov 27, 2023Hindi
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MY Friend is 49 and having a home loan in her name, Is it possible to add her son as co-applicant in middle of the home loan tenure. if it is not possible in the present bank, if she switch to other bank, is it possible to add her son also. pls advice, if so whether her son can also get income tax benefit for paying home loan. Pls advice.- shiju

Ans: Yes if he is earning and fits in the criteria of loan
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |7290 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

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Hi, I liked a home that cost 1.1 crore. I don't have a down payment hence I decide to take this in joint name with my friend, who had 40 lakh rupees. Will bank permit home loan of 70 lakh to me to take this home in joint ownership with friend.
Ans: Taking a joint home loan with your friend can be a viable option to fulfill your dream of owning the desired home. Banks typically consider the combined income and creditworthiness of all co-applicants when approving a joint home loan.

In your case, since your friend has 40 lakh rupees for the down payment, you can apply for a home loan of 70 lakh rupees jointly. However, it's crucial to note that each bank has its own lending criteria and may evaluate the loan application based on factors such as income stability, credit history, and debt-to-income ratio.

Before proceeding, it's advisable to discuss the terms of the joint ownership with your friend and seek legal advice to draft a co-ownership agreement outlining the responsibilities, rights, and obligations of each party to avoid any potential conflicts in the future.

Additionally, consult with multiple banks or financial institutions to compare loan offers and choose the one that best suits your requirements in terms of interest rates, tenure, and repayment options.

By leveraging the combined financial strength of both applicants, you can increase the chances of loan approval and make your dream of homeownership a reality.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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Ramalingam

Ramalingam Kalirajan  |7290 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 23, 2024

Asked by Anonymous - May 20, 2024Hindi
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Hello Sir, My Brother is having home loan in Chola along with my father and mother has co applicant, due to accident my father expired and its affected business my brother is unable to pay the loan emi alone and i am helping him in repay the amount raye of interest increase from 14 to 16% asboer increase in RBI repro rate. is their a way to get loan under my name to Balance Transfer has he is not eligible to get new loan.
Ans: Navigating Loan Transfer Amidst Family Tragedy

Hello, I appreciate you reaching out during this challenging time for your family. Let's explore options for mitigating the burden of your brother's home loan while honoring your late father's legacy.

Understanding the Situation

Firstly, my heartfelt condolences on the loss of your father. Dealing with such a loss can be emotionally and financially taxing, especially when it affects ongoing financial commitments like loan repayments.

Assessing the Loan Situation

Your brother's inability to sustain the home loan EMIs alone, coupled with the increase in the interest rate, adds to the financial strain. It's commendable that you're stepping in to support him during this difficult period.

Exploring Loan Transfer Options

Considering your willingness to assist your brother, exploring the possibility of transferring the loan under your name is a viable option to alleviate the financial burden. Here's a step-by-step approach to navigate this process:

1. Loan Eligibility Assessment:

Begin by assessing your own eligibility for the loan, considering factors such as income, credit score, existing financial commitments, and repayment capacity. This will determine your suitability as a loan applicant.

2. Co-Applicant Consent:

Seek consent from your brother and mother, who are currently co-applicants on the loan, to transfer the loan under your name. Their cooperation and understanding are crucial in facilitating the transfer process.

3. Financial Documentation:

Gather all necessary financial documents, including income proofs, bank statements, and property documents, required for the loan transfer application. Ensure completeness and accuracy to expedite the process.

4. Loan Transfer Application:

Submit a formal application to the lending institution, expressing your intent to assume responsibility for the existing loan. Provide all relevant documentation and comply with any additional requirements stipulated by the lender.

5. Credit Assessment and Approval:

The lender will conduct a thorough credit assessment to evaluate your repayment capacity and assess the risk associated with the loan transfer. Timely submission of accurate documents can expedite the approval process.

6. Loan Repayment Plan:

Once the loan transfer is approved, devise a feasible repayment plan in consultation with your brother to ensure timely repayment of EMIs. Consider factors such as income stability, future financial goals, and contingency planning.

Potential Challenges and Considerations

While transferring the loan under your name offers relief to your brother, it's essential to be mindful of potential challenges and considerations:

Creditworthiness: Your eligibility for the loan transfer hinges on your creditworthiness and financial stability. Ensure that you meet the lender's criteria to avoid any setbacks.
Legal Formalities: The loan transfer process may entail legal formalities and documentation, which must be diligently adhered to for a smooth transition.
Financial Responsibility: Assuming the loan entails a significant financial responsibility. Evaluate your ability to manage the additional debt burden alongside your existing financial commitments.
Communication and Transparency: Maintain open communication with all stakeholders involved, including your family members and the lending institution. Transparency and clarity can facilitate a collaborative approach to resolving financial challenges.
Seeking Professional Guidance

As a Certified Financial Planner, I strongly advise seeking professional guidance from legal and financial experts to navigate the loan transfer process effectively. Their expertise can provide invaluable support in addressing complexities and ensuring compliance with regulatory requirements.

Conclusion

In conclusion, exploring the option of transferring the home loan under your name offers a potential solution to ease the financial burden on your family. With careful planning, cooperation, and professional assistance, you can navigate this challenging period and secure your family's financial well-being.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

..Read more

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Ramalingam

Ramalingam Kalirajan  |7290 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jun 15, 2024

Asked by Anonymous - Jun 15, 2024Hindi
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I have a home loan as co applicant in my name primary applicant is another member in the family.With principal amount as 50 Lakhs and emi of around 50K every month. We have been paying this loan for the last 6 years with timely EMIs. The transaction is made out of the other member's account. I have two questions related to this 1) If I go ahead and take another home loan as primary applicant this time for a different property does this previous loan for which we are making timely payments adds as a positive thing or negative? 2) What is my obligation in this home loan as a co applicant in the home loan is it 50-50% or 100% ?
Ans: Understanding Your Home Loan Scenario
You are a co-applicant on a home loan with a principal amount of Rs 50 lakhs and an EMI of Rs 50,000. The primary applicant is another family member, and the EMIs have been paid from their account for the past six years. Your timely payment history is noteworthy and reflects financial discipline. Now, you are considering taking another home loan as the primary applicant for a different property.

Impact of Existing Loan on New Loan Application
When applying for a new home loan, your existing loan will be considered by the lender. Let's analyze how this can affect your new loan application.

Positive Impact of Timely Payments
Credit Score Improvement

Timely payments on your existing loan enhance your credit score. A higher credit score increases your credibility with lenders.

Demonstrates Financial Responsibility

Consistent EMI payments indicate financial responsibility. Lenders view this positively when assessing new loan applications.

Negative Impact of Existing Liability
Increased Debt Burden

The existing loan adds to your overall debt burden. Lenders will assess your debt-to-income ratio to determine your repayment capacity.

Potential Lower Loan Amount Approval

Due to your existing debt, lenders might approve a lower loan amount for your new property. They aim to ensure you can manage multiple loans comfortably.

Balanced Perspective
While your timely payments positively impact your creditworthiness, your existing liability could limit your borrowing capacity. It's crucial to present a strong financial profile to secure a new loan.

Your Obligation as a Co-Applicant
Being a co-applicant carries certain obligations. Understanding these will help you manage your financial commitments effectively.

Joint Responsibility
Shared Liability

As a co-applicant, you share the liability of the loan with the primary applicant. If the primary applicant defaults, you are responsible for repaying the loan.

Credit Impact

Any defaults or late payments on this loan will affect your credit score. Ensuring timely payments is crucial for maintaining a good credit history.

Specific Obligations
Not Always 50-50

The division of responsibility is not necessarily 50-50. It depends on the agreement between the co-applicants and the lender's terms.

100% Responsibility in Default

In the event of a default, you might be held 100% responsible for the outstanding loan amount. This is crucial to consider before taking another loan.

Financial Planning
Proper financial planning is essential to manage multiple loans. Consulting a Certified Financial Planner (CFP) can help you strategize effectively.

Evaluating Your Financial Readiness for a New Loan
Before applying for a new loan, assess your financial readiness. Consider various factors to ensure you can manage the additional liability.

Income and Expenses Analysis
Stable Income

Ensure you have a stable and sufficient income to cover the EMIs of both loans. This reassures lenders of your repayment capacity.

Expense Management

Analyze your monthly expenses and identify areas to cut back if needed. This helps in freeing up funds for additional EMIs.

Debt-to-Income Ratio
Optimal Ratio

Maintain a debt-to-income ratio below 40%. This indicates you can manage multiple debts without financial strain.

Reducing Existing Debt

If possible, try to reduce existing debt before taking a new loan. This improves your debt-to-income ratio and borrowing capacity.

Emergency Fund
Adequate Savings

Maintain an emergency fund to cover at least six months of expenses, including EMIs. This provides a financial cushion in case of unforeseen circumstances.

Access to Liquid Assets

Ensure you have access to liquid assets that can be easily converted to cash. This helps in managing any financial emergencies.

Strategic Steps for New Loan Application
To enhance your chances of securing a new loan, follow these strategic steps. This ensures a smooth application process and favorable loan terms.

Improve Credit Score
Timely Payments

Continue making timely payments on your existing loan. This maintains a good credit score.

Clear Outstanding Dues

Pay off any outstanding dues or high-interest debts. This boosts your credit score and improves your financial profile.

Document Preparation
Income Proof

Gather all necessary income proof documents, including salary slips, bank statements, and income tax returns. This showcases your repayment capacity.

Loan Statements

Provide detailed statements of your existing loan, highlighting timely payments. This reassures lenders of your financial discipline.

Choose the Right Lender
Research Lenders

Research different lenders to find one offering favorable terms for your new loan. Compare interest rates, loan amounts, and repayment terms.

Pre-Approval

Consider getting a pre-approval for your loan. This gives you a clear idea of the loan amount you can secure and helps in property negotiations.

Working with a Certified Financial Planner
Engaging a Certified Financial Planner (CFP) can provide expert guidance. A CFP helps in aligning your financial goals with your loan obligations.

Personalized Financial Plan
Tailored Strategy

A CFP creates a personalized financial plan based on your income, expenses, and financial goals. This ensures effective debt management.

Long-Term Goals

Align your loan obligations with long-term financial goals, such as retirement planning and children's education. This ensures holistic financial health.

Debt Management
Optimized Repayment Strategy

A CFP can suggest optimized repayment strategies for multiple loans. This minimizes financial stress and ensures timely payments.

Risk Mitigation

Identify and mitigate potential financial risks. A CFP provides strategies to safeguard against unexpected financial challenges.

Final Insights
Navigating multiple home loans requires careful planning and strategic decision-making. Your timely payments on the existing loan demonstrate financial discipline, positively influencing your new loan application.

However, your existing liability can impact your borrowing capacity. Understanding your obligations as a co-applicant is crucial. You share the liability and credit impact, emphasizing the need for timely payments.

Before applying for a new loan, evaluate your financial readiness. Ensure a stable income, manage expenses, maintain an optimal debt-to-income ratio, and keep an emergency fund. Improving your credit score and preparing necessary documents are essential steps.

Engaging a Certified Financial Planner can provide expert guidance. A CFP helps create a personalized financial plan, aligning your loan obligations with long-term goals. They offer optimized repayment strategies and risk mitigation, ensuring holistic financial health.

By following these steps and seeking professional advice, you can effectively manage multiple loans and achieve your financial goals.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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Latest Questions
Dr Nagarajan Jsk

Dr Nagarajan Jsk   |183 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on Dec 21, 2024

Asked by Anonymous - Nov 19, 2024Hindi
Career
Hello sir I am mbbs graduated from russia in 2020,n passed with my fmge exam in india in 2021, I want to ask if i want to practice medicine or work as doctor in uk ? Is it necessary for me to pass plab exam exam? Or if i get sponsorship from any uk i will be able to work there and simultaneously i will give plab exam?? Please guide me i m so confused?
Ans: Hi, I understand that you pursued a medicine course in Russia (a non-European country) and, since you are from India, you have completed the FMGE. Now you want to practice or work in the UK as a doctor?

Based on your question, you are eligible to practice in India after completing your internship (which you haven't mentioned, but I assume you have completed it). The FMGE is essentially a licensure exam for Indian students who have completed their medical studies abroad, so you are eligible to practice in India only.

If you want to practice medicine in the UK, you need to complete the PLAB test, as you are from outside the UK/Switzerland/European countries (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland).

You also inquired about sponsorship. Here is the information related to sponsorship for practicing medicine in the UK.
(Extracted from general medical council, uk org. )Applying for registration using sponsorship
If you apply through sponsorship, you will have to satisfy the sponsor that you possess the knowledge, skills and experience required for practising as a fully registered medical practitioner in the UK. Each sponsor has their own scheme which we have pre-approved. If you can satisfy the requirements of their scheme, they will issue you with a Sponsorship Registration Certificate (SRC) which you will need for your application with us. Please ensure this is a Sponsorship Registration Certificate for GMC registration, as we can’t accept UK visa sponsorship certificates for your application for registration.
Please note that a core part of all sponsors' criteria is that a doctor applying for an offer of sponsorship must have been engaged in medical practice for three out of the last five years including the most recent 12 months. If you cannot meet these minimum criteria, it is unlikely that you'll be able to supply sufficient evidence to support your application for sponsorship.
Doctors applying through sponsorship are required to demonstrate their English language skills by achieving our current minimum scores in the academic version of the IELTS test or the OET (medicine version).
• Alder Hey International Fellowship Scheme (Anaesthetics)
• Betsi Cadwaladr University Health Board - BCUHB IMG Sponsorship Scheme
• BAPIO Training Academy Ltd – BTA International Fellowship Scheme
• BAPIO Training Academy Ltd – International Training Programme for Postgraduate Doctors
• BAPIO Training Academy Ltd - BTA International Fellowship Scheme – Internal Medicine with interest in Oncology with MSc in Oncology
• Barking Havering and Redbridge University Hospitals NHS Trust - BHRUT Sponsorship Scheme for Overseas Doctors in Clinical Radiology
• Birmingham and Solihull Mental Health NHS Foundation Trust - International Medical Fellowship Programme in Psychiatry (Birmingham)
• Birmingham Women’s and Children’s Hospital – Birmingham Women’s and Children’s International Medical Graduate sponsorship scheme
• Bradford District Care NHS Foundation Trust - International Medical Fellowship in Psychiatry
• Cambridge IVF, Cambridge University Hospitals NHS Trust – IVF Senior Clinical Fellowship Scheme
• Cambridge University Hospital – Senior Clinical Fellowship Scheme in Intensive Care Medicine/Anaesthesia
• Canterbury Christ Church University
• Cumbria Northumberland Tyne and Wear NHS Psychiatry Fellowship Programme
• Derbyshire Healthcare NHS Foundation Trust - International Medical Fellowship Programme in Psychiatry
• Dudley Group NHS Foundation Trust
• East Lancashire Hospitals NHS Trust - Clinical Fellowship in Urology or Ophthalmology
• East Lancashire Hospital NHS Trust - Specialist Clinical Fellowship in Pain Management
• East London NHS Foundation Trust (ELFT) – ELFT Advanced International Fellowship in Psychiatry
• East Suffolk and North Essex NHS Foundation Trust – ICENI Centre Fellowships Programme
• Edge Hill University and Wrightington, Wigan and Leigh NHS Trust – International Training Fellowships in MCh programmes
• ENT UK – Royal College of Surgeons
• Essex Partnership University NHS Foundation Trust – EPUT Advanced Fellowship in Psychiatry
• Frimley Health NHS Foundation Trust – International Fellowship in Regional Anaesthesia combined with MSc in Principles of Regional Anaesthesia at the University of East Anglia
• Great Ormond Street Hospital International Fellowship Programme
• Guy's and St Thomas' Hospitals NHS Foundation Trust – Critical Care
• Guy’s and St Thomas’ NHS Foundation Trust – International Clinical Fellowship Programme (ICFP)
• Guy's and St Thomas' Hospitals NHS Foundation Trust – Obstetrics and Gynaecology
• Guy’s and St Thomas’ NHS Hospitals Foundation Trust – Oncology Specialty Training
• Guy's and St Thomas' NHS Hospitals Foundation Trust – Specialty Training in Anaesthetics
• Harefield Hospital, Royal Brompton and Harefield NHS Trust – Anaesthesia and Critical Care
• Hertfordshire Partnership University NHS Foundation Trust
• Hull University Teaching Hospitals NHS Trust – International Fellows at Hull University Teaching Hospitals NHS Trust
• Humber Teaching NHS Foundation Trust - Sponsored International Fellowship Scheme in Psychiatry
• Imperial College Healthcare NHS Trust – Emergency Medicine
• Imperial College Healthcare NHS Trust – Haematology
• Imperial College Healthcare NHS Trust – International Anaesthesia Trainees
• Imperial College Healthcare NHS Trust – Intensive Care Medicine
• Imperial College, London - Clinical Research
• King’s College Hospital NHS Trusts – International Critical Care Fellowship
• King’s College Hospital NHS Trusts – Paediatric Critical Care Fellowship
• Lancashire & South Cumbria NHS Foundation Trust - Psychiatry specialty Fellowship Scheme
• Lancashire Teaching Hospitals NHS Trust - Overseas Registrar Development and Recruitment (ORDER)
• Leeds Teaching Hospitals NHS Trust – International Fellowship Programme
• Leicestershire Partnership NHS Trust – International Medical Fellowship Programme in Psychiatry
• Lincolnshire Partnership NHS Foundation Trust – CESR Fellowship in Psychiatry or Sponsored Fellowship in Psychiatry
• Lysholm Dept of Neuroradiology – National Hospital for Neurology and Neurosurgery, UCL
• Manchester University NHS Foundation Trust – International Fellowship Programme
• Midlands Partnership NHS Foundation Trust
• Ministry of Defence – International Military Clinical Fellowships
• Modality Partnership - Modality Primary Care International Fellowship Scheme
• NAViGO Health and Social Care CIC – International Medical Fellowship in Psychiatry
• NHS England, East of England - East of England International Office GMC Sponsorship
• NHS Fife – CESR Fellowship Programme in Psychiatry
• NHS Grampian – Psychiatry CESR Fellowship Programme
• NHS Grampian – Multi-specialty SAS Fellowship
• NHS Wales Shared Services Partnership (NWSSP) – All Wales International Medical Recruitment Programme
• Norfolk and Suffolk NHS Foundation Trust (NSFT) - Advanced Clinical Fellowship in Psychiatry
• North Lincolnshire and Goole NHS Foundation Trust (NLAG) Sponsorship Programme
• Northampton General Hospital – Clinical Fellowship in Regional Anaesthesia
• Northampton General Hospital NHS Trust - International Clinical Fellowship in Regional Anaesthesia, Vascular Anaesthesia, or Peri-operative Medicine
• Northamptonshire Healthcare NHS Foundation Trust – International Clinical Fellowship Scheme
• Northamptonshire Healthcare NHS Foundation Trust – International Clinical Fellowship Scheme (Psychiatry)
• Northern Care Alliance – NCA International Medical Fellowship Scheme
• Oxford University Hospitals NHS Foundation Trust – Oxford Eye Hospital
• Oxford University Hospitals NHS Foundation Trust – Oxford Intensive Care Medicine (OxICM) Sponsorship Scheme
• Oxford University Hospitals NHS Foundation Trust – Oxford University Hospitals Sponsorship Scheme
• Oxford University Hospitals NHS Foundation Trust – The Oxford International Neonatal and Paediatric Fellowship Programme
• Rotherham Doncaster and South Humber NHS Foundation Trust - Sponsored International Fellowship Scheme in Psychiatry
• Royal College of Anaesthetists – Global Fellowship Scheme (Anaesthesia or ICM)
• Royal College of Anaesthetists – MTI Scheme
• Royal College of Emergency Medicine
• Royal College of Obstetricians and Gynaecologists – MTI Scheme
• Royal College of Ophthalmologists
• Royal College of Paediatrics and Child Health – International Paediatric Sponsorship Scheme
• Royal College of Paediatrics and Child Health – MTI Scheme
• Royal College of Pathologists
• Royal College of Physicians of Edinburgh
• Royal College of Surgeons of England
• Royal College of Physicians of London
• Royal College of Physicians and Surgeons of Glasgow
• Royal College of Psychiatrists – MTI Scheme
• Royal College of Radiologists – Clinical Radiology
• Royal College of Radiologists – Clinical Oncology
• Royal College of Radiologists – RCR Specialty Training Sponsorship Scheme
• Royal College of Surgeons of Edinburgh
• Royal Devon and Exeter NHS Trust
• Royal Papworth Hospital NHS Foundation Trust – Senior Clinical Fellowship Programme in Anaesthesia and Critical Care
• Royal Wolverhampton Trust – Clinical Fellowship Programme
• Sheffield Children’s NHS Foundation Trust - Rotational Clinical Fellows in Paediatrics, Trauma and Orthopaedic International Fellows, and Subspeciality Fellows in Paediatrics
• Sheffield Health and Social Care NHS Foundation Trust - International Medical Fellowship in Psychiatry
• Somerset NHS Foundation Trust – Somerset Overseas Doctors Sponsorship Scheme
• Somerset NHS Foundation Trust – Psychiatry Overseas Doctors Sponsorship Scheme
• South Warwickshire University NHS Foundation Trust - GMC Multispecialty Sponsorship Scheme
• South West Yorkshire Partnership NHS Foundation Trust – International Fellowship in Psychiatry
• Southmead Hospital, North Bristol NHS Trust – International Obstetrics and Gynaecology Training Programme
• St Bartholomew’s Hospital, Barts Health NHS Trust – St Bartholomew’s Critical Care Fellowship
• St George’s University Hospitals NHS Foundation Trust – International Anaesthetics Fellowship Programme
• St George’s University Hospital NHS Foundation Trust (Dr Nirav Shah) – International Intensive Care Medicine Trainees
• St George’s University Hospitals NHS Foundation Trust – International Emergency Medicine Trainees
• Surrey and Borders Partnership (SABP) NHS Foundation Trust – International Psychiatric and Community Paediatrics Sponsorship Scheme
• Tees, Esk and Wear Valleys NHS Foundation Trust – International Psychiatric CESR or SAS Fellowship
• University College London Hospitals NHS Foundation Trust, Department of Critical Care – Clinical Fellowship Critical Care and Perioperative Medicine
• University Hospital Birmingham NHS Foundation Trust - International Training Fellowship Programme
• University Hospitals Birmingham NHS Foundation Trust - UHB LED Fellowship Programme
• University Hospitals Bristol and Weston NHS Foundation Trust – Bristol Children's Hospital International Fellowship Scheme
• University Hospitals Bristol and Weston NHS Foundation Trust - Department of General Internal Medicine at Weston General Hospital
• University Hospitals Coventry and Warwickshire NHS Trust
• University Hospitals of Leicester NHS Trust - Postgraduate Clinical Fellowship Programme
• University of Buckingham – Master of Medicine
• University of Buckingham – Master of Surgery
• University of Chester and Cheshire and Wirral Partnership NHS Trust – International Training Fellows Psychiatry
• University of Hertfordshire – Professional Doctorate in General Internal Medicine (Clinical MD) Programme
KINDLY NOTE: If your sponsor is not on this list then you cannot apply using sponsorship.
If you have any further questions, please visit the GMC website for more information.

WISH YOU ALL THE VERY BEST.

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Dr Nagarajan Jsk

Dr Nagarajan Jsk   |183 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on Dec 21, 2024

Asked by Anonymous - Aug 02, 2024Hindi
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Dr Nagarajan Jsk

Dr Nagarajan Jsk   |183 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on Dec 21, 2024

Asked by Anonymous - Dec 20, 2024Hindi
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Ramalingam

Ramalingam Kalirajan  |7290 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Dec 21, 2024

Asked by Anonymous - Dec 21, 2024Hindi
Money
Hi Sir, I follow your articles regularly and your detailed assessment is really awesome.I am 47yrs Male with wife, 20&18 years kids, elder one is in B.Tech and younger one is 12th. My wife is a home maker. Coming to financials. I have 4 houses including the one residing worth 10cr(total) and getting rental income of 70k per month, invested in stocks and MFs worth 60L, have foreign stocks of worth 1.7cr, accumulated pf around 1.3cr. I have farm lands worth 5cr. Have 1.2cr loan and salary of ~4L (net). current sips in equity 70k/month, have 5Cr term plan, health insurance for family 50L. How do I plan my retirement at 52-53years assuming 80 years life expectancy. Don't want to depend on kids and need regular income ~3-4L per month.
Ans: Asset Evaluation
Real Estate:
You own four houses worth Rs 10 crore, generating Rs 70,000 monthly rental income. This is a solid base for passive income. However, real estate can have fluctuating maintenance costs, tenant issues, and varying rental yields over time.

Stocks and Mutual Funds:
Your Rs 60 lakh investment in stocks and mutual funds is a commendable step. Active mutual funds offer professional fund management and can outperform index funds over time.

Foreign Stocks:
Your Rs 1.7 crore portfolio in foreign stocks adds geographical diversification. Monitor currency exchange fluctuations and global market trends.

Provident Fund (PF):
With Rs 1.3 crore in PF, this is a reliable retirement corpus. The fund provides fixed returns and tax benefits, adding stability.

Farm Lands:
Farm lands worth Rs 5 crore are an illiquid but valuable asset. They might not generate consistent income unless leased or developed.

Loans:
A loan liability of Rs 1.2 crore needs prioritised repayment. Focus on loans with higher interest rates first.

Insurance Coverage:
A Rs 5 crore term plan is robust. Your Rs 50 lakh health insurance is sufficient for unexpected medical emergencies.

Retirement Goals
You need Rs 3–4 lakh monthly for 27–28 years post-retirement.
The portfolio must generate steady, inflation-adjusted returns.
Action Plan for Retirement
Debt Management
Prepay High-Interest Loans:
Use a portion of your surplus income to prepay loans. This reduces interest outflow and increases your cash flow.

Avoid New Loans:
Focus on reducing existing liabilities instead of taking on new ones.

Portfolio Restructuring
Real Estate:
Retain essential properties. Sell underperforming or non-essential properties to reduce concentration in real estate. Invest proceeds in mutual funds or debt instruments for diversification.

Mutual Funds (MFs):
Increase SIPs in actively managed funds. They outperform direct funds due to guidance from Certified Financial Planners and MFDs. Regular funds offer better tracking and professional assistance.

Stocks:
Monitor direct equity investments closely. Consider reallocating underperforming stocks to mutual funds for better management.

Debt Instruments:
Invest in high-quality debt funds or fixed-income securities for stability. These instruments balance equity volatility and ensure steady returns.

SIP Strategy
Increase SIPs from Rs 70,000 to Rs 1 lakh/month.
Allocate 70% to equity funds for long-term growth.
Invest 30% in debt funds for stability and liquidity.
Emergency Fund
Maintain a 12-month expense reserve in liquid funds or fixed deposits.
This covers unexpected expenses without disturbing investments.
Income During Retirement
Systematic Withdrawal Plan (SWP)
Use SWPs in mutual funds to generate regular income.
Withdraw 6–8% annually from your mutual fund portfolio for a steady income stream.
Rental Income Optimisation
Review property rents regularly.
Invest part of rental income in equity or debt mutual funds for compounding.
Dividend Stocks
Retain high-dividend-yield stocks for regular income.
Reinvest surplus dividends for long-term growth.
Tax Efficiency
Equity Funds Taxation:
Long-term gains above Rs 1.25 lakh are taxed at 12.5%. Short-term gains are taxed at 20%.

Debt Funds Taxation:
Both short- and long-term gains are taxed per your income slab.

Real Estate Capital Gains:
Use exemptions under Sections 54 or 54F to save tax on property sales.

Inflation Protection
Allocate 60–70% of your portfolio to equity investments.

Equity provides inflation-adjusted returns over time.

Debt funds and fixed instruments safeguard against equity market volatility.

Estate Planning
Draft a will to allocate assets transparently among family members.
Use nomination and joint ownership to avoid legal complications.
Consider a family trust for farm lands to avoid disputes.
Periodic Review
Review your financial plan every six months.
Adjust investments based on market conditions, goals, and needs.
Consult a Certified Financial Planner regularly for updates.
Finally
A well-diversified portfolio ensures financial independence post-retirement. Focus on debt repayment, portfolio balance, and tax-efficient withdrawals. Your assets can comfortably generate Rs 3–4 lakh monthly income, adjusted for inflation.

Best Regards,
K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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Kanchan

Kanchan Rai  |444 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Dec 21, 2024

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Relationship
I am the eldest sibling in our families and aged 51. Normally, whenever anyone in the family has a problem - financial, mental, psychological, issue with people or anything else, they come up to discuss with me and share. Well, many would say I am lucky as people look up to me when they are in any kind of a problem. But that is not the case. Sadly no one is around with whom I can discuss or even think to share my issues, my problems. I do not have any friends. Sadly, yes, that is a fact and at my age, I dont expect that here we have a culture where we can get to making friends, at least the kind of friends with whom you can confide, share your feelings, problems. I tried and failed. Maybe because I am introvert or maybe I am too cautious. To make it more complicated, I dont work in the regular kind of job. I am a lone person who works as a freelance from home. This limits my outreach when it comes to interacting with real people. I have clients, business contacts, but I cannot get personal with them. It will never be a good choice. My wife is busy with her job + we do not have any relation beyond the daily matters related to household and it has been more than 10 years now that we live this way. Tried to sort out things with her but she just does not have time and interest (after all who wants to add on to tensions, stress). My daughter is after all my daughter - I cannot share these with her, and definitely at 10 she is too young to be one to discuss such stuff. I am not sure how far this issue can be fixed but I am hopeful to find some path here.
Ans: Dear Kevin,
Starting small can be helpful. Consider connecting with people through shared interests or hobbies, either online or in person, where the pressure to immediately open up is minimal. Online communities, local meetups, or volunteer activities can create low-stakes opportunities to connect with like-minded individuals. The goal isn’t to instantly find someone to confide in but to slowly build a sense of belonging and companionship.

Your relationship with your wife appears to be another significant source of emotional distance. While her lack of interest in deep conversations may seem like a barrier, it’s worth exploring other ways to reconnect—perhaps by spending time together in shared activities or revisiting moments that once brought you closer. Sometimes, relationships stuck in routines benefit from new experiences or even professional counseling to navigate the underlying dynamics.

Regarding your daughter, while it’s clear she cannot shoulder your emotional burdens, she can still be a source of joy and connection. Investing time in activities with her can provide a sense of fulfillment and grounding that counters loneliness.

Above all, remember that reaching out for professional support, such as therapy, is not a sign of weakness but an act of self-care. A therapist can provide a safe space to express your feelings and help you develop strategies to foster deeper connections and manage emotional isolation.

You deserve to feel supported and connected, and even if the journey to finding that seems long, every step you take toward opening up or seeking out others is a move toward a more fulfilling and less lonely existence.

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Top4 sips with 15k amount suggest me
Ans: Here’s an updated strategy for your Rs. 15,000 SIP allocation, replacing the sectoral/thematic fund with a small-cap fund for better long-term growth potential.

Suggested SIP Allocation (Rs. 15,000)
Large-Cap Fund

Allocation: Rs. 4,000/month
Objective: Stability and steady growth by investing in India’s top 100 companies.
Why Choose: Provides consistent returns and low volatility in your portfolio.
Flexi-Cap Fund

Allocation: Rs. 4,000/month
Objective: Diversified exposure across large, mid, and small-cap stocks.
Why Choose: Offers balanced risk and returns with flexibility during market cycles.
Mid-Cap Fund

Allocation: Rs. 3,500/month
Objective: Tap into the growth potential of medium-sized companies.
Why Choose: Higher returns with manageable risk compared to small caps.
Small-Cap Fund

Allocation: Rs. 3,500/month
Objective: Focus on fast-growing small-cap companies.
Why Choose: High-growth potential over the long term, though with higher volatility.
Why Include Small-Cap Funds?
Long-Term Growth: Small-cap companies have immense potential to grow significantly over time.
Diversification: Adds exposure to an underrepresented segment, complementing large and mid-caps.
High Returns: Potential for higher returns compared to other categories, albeit with higher risk.
Key Considerations
Investment Horizon: Stay invested for at least 7-10 years to mitigate short-term volatility.
Active Fund Management: Avoid direct or index funds to leverage professional expertise.
Regular Monitoring: Review fund performance periodically with a Certified Financial Planner.
Tax Implications
Equity Funds:
LTCG above Rs. 1.25 lakh/year taxed at 12.5%.
STCG (held less than 1 year) taxed at 20%.
Final Insights
This updated allocation ensures a mix of stability, moderate risk, and high growth. With consistent SIPs and periodic reviews, you can achieve robust wealth creation over the long term. A Certified Financial Planner can assist in optimising your investment strategy.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.
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