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Ramalingam Kalirajan |7029 Answers |Ask -Follow

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

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Poonam on May 21, 2024Hindi

Money

I purchased a flat under-construction in the year 2016. Till now I have not got the flat some dispute happen among the builder. The project matter is under court. I am paying huge emi bank is not ready to me listen they say if you do not pay emi your credit score will hamper what to do

Ans: I understand this is a frustrating situation. Here are some steps you can take:

Regarding the Flat:

Review your Sale Agreement: This document outlines the terms of your purchase, including timelines for completion and any delay penalties the builder may owe.

Form a Flat Buyer Association: Connect with other buyers facing the same issue. A united front holds more power when dealing with the builder or legal proceedings.

Track Court Proceedings: Stay informed about the court case's progress. This might influence your next steps.

Explore Legal Options: Consult a lawyer specializing in real estate disputes. They can advise on pursuing compensation or withdrawal from the project depending on the court case and agreement.

Regarding the Bank Loan:

Negotiate with the Bank: Explain the situation and present copies of the court case documents. They might offer a temporary pause or restructure your EMI plan.

Consider Loan Against Property (LAP): If you own another property, explore a LAP to pay off the existing loan and avoid credit score damage. However, this is a complex financial decision, so consult a financial advisor.

CIBIL Dispute Resolution: If the bank reports a default despite your efforts, you can raise a dispute with CIBIL, the credit bureau, explaining the situation.

Here are some additional resources that might be helpful:

Real Estate Regulatory Authority (RERA): https://rera.goa.gov.in/ (if your city falls under RERA)
Consumer Forum: You can file a case against the builder for delayed possession.
Remember, this is a complex situation, and the best course of action might depend on the specifics of your agreement, the court case, and your financial situation. Consulting a lawyer and potentially a financial advisor can provide tailored guidance.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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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Answered on Dec 24, 2019

Question by Vishnu - Dec 24, 2019Hindi

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I have booked a flat in Amrapali Dream Valley Noida Extension - Great Noida (West) under 80:10:10 subvention plan (No EMI till possession) in the year March, 2016. Builder becomes defaulter and stopped the work in 2016 itself and not paying interest EMI to the bank as well. Bank and its lawyer both issued notices to me to recover all pending money which builder has not paid. I paid all pending money with all pending interest with penalties to bank and started paying EMI 1.5 years back and the same is paying till date. The Honourable Supreme Court transferred the same project to NBCC for completion and to be handed over to home buyer according to a scheduled plan. But till date no development work has started and looks very uncertain that we do not know when we will get the possession? And there is no place where we can know about the development of the project. Should we continue paying EMI to bank without any surety, whether we will get the flat or not? What would be repercussion, if we stop paying EMI to bank? Please advise what should I do? Really confused!

Ans: Please do not stop paying EMI to the bank unless the SC order has allowed you to do so. Your credit history will be spoiled if you stop paying the bank without backing from the court.

Gaurav Mohta | Answer |Ask -Follow

Answered on Oct 31, 2022

Question by Anne - Oct 31, 2022Hindi

Money

I had taken a home loan LIC Housing Finance last year for amount of Rs 39 lakh and starting paying EMI Rs 25,567 for part payment Rs 27 lakh during COVID year i had not applied for moratorium but paid all EMI as per my salary credit to me and I had paid the EMI with in the same month with penalties for 3 months July, August, September until salary are regularised and now manager is not willing to pay final amount of Rs 12 lakh to me again putting grace period of 3 months and in that case if my builder will cancel my agreement then I will lose my money. Please advise what to do and my flat is ready to occupy, but the final amount of money stopped by LIC and the 90 days period by the builder is going to get completed by this month end.

Ans: Firstly, you should ask your lender for a loan account statement such that you can assess and do a proper reconciliation to clarify the payments made and what is actually due.

Meanwhile, you can negotiate the time to make your payments till you can sort the issue with the lender.

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Milind Vadjikar |642 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 17, 2024

Question by Urmi - Nov 08, 2024Hindi

Money

Hello I am 37 years old . Following is my financial status 1. FD - 1.5 CRORES 2. MF - 25 LAKHS 3. PROVIDENT FUND - 27 LAKH 4. PPF 3 LAKH INVESTMENTS 1. MUTUAL FUNDS - 90 K per month 2. PPF - 1.5 lakh per year 3.PF - 5 lakhs per year 4.NPS - 10 K per month I have one flat. I want to retire at 47 years of age . I will have a pension of 3.5 lakhs after I retire . My present monthly expenses are 1.3 lakhs . My goals are 1. One child education 2. World travel 3.Own house . Can I retire at the age of 47 fulfilling my commitment.

Ans: Hello;

Let us try to put monetary value to your goals:

1. Child education: 1 Cr
2. World Travel: 40 L (for 2)
3. House: 1.5 to 2 Cr
Grand Total: 3.4 Cr

Current holdings:
1. FD- 1.5 Cr
2. MF-25 L
3. PF-27 L
4. PPF-3L

Ongoing monthly Investments:
1. MF-90 K
2. PPF- 12.5 K
3. NPS-10 K
4. PF-41.66 K

Value of current corpus and ongoing investments 10 years hence:
1. MF-2.51 Cr
2. PPF-27.49 L
3. PF-1.25 Cr
Grand Total: 3.76 Cr

Since your investment value is comfortably above your goal value means you can fulfill your goals as envisaged.

You have a assured pension after retirement despite that you are making disciplined investments into NPS is a commendable aspect.

It can help to boost your retirement income after 60.

Happy Investing;

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Insurance, Stocks, MF, PF Expert - Answered on Nov 17, 2024

Asked by Anonymous - Nov 12, 2024Hindi

Money

I am 46 years old, have a income of 2.8 lacs with variable pay every month after tax deduction. My total CTC is approx 66 lakhs/annum with stock. I have 2 flats worth 1.8 crores, one land worth 9 lakhs, one ancestral land worth 45 lakhs, have company stocks worth 20 to 30 lakhs. PPF current is 32 lakhs for 21 years of experience. My liabilities are home loan worth 80 lakhs. My monthly expenses including EMI is 1.8 Lakhs. My kid education cost 2-3 lakh per annum in Bangalore and she is 12 years in grade 7. Can you help me, how much I need to save every month, so I can have 6-7 crores in liquid money in 10 years and how much should I have for retirement plan by 65+

Ans: Hello;

You may start a monthly sip of 80 K and top it up every year by 20% to reach a corpus of 4 Cr after 10 years considering modest return of 12%.

The land parcels(45+9= 54 L) and company stock(20 L) if sold and the proceeds reinvested in mutual funds for 10 years may yield you a corpus of around 2.3 Cr after 10 years.

So you may accumulate a cumulative corpus of 4+2.3=6.3 Cr after 10 years, as planned.

If you invest 20 K in NPS per month you may reach a corpus of 1 Cr+ in 19 years from now.

You may need a corpus of 8 Cr to generate a retirement income of 2.8 L per month (post-tax) to cover your inflation indexed regular expenses sans the EMI.

Happy Investing;
X: @mars_invest

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Relationships Expert, Mind Coach - Answered on Nov 17, 2024

Asked by Anonymous - Nov 15, 2024Hindi

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I am 39 year old single male, is it normal for not being married till this age?

Ans: Yes, it is absolutely normal not to be married at 39. Marriage timelines vary greatly depending on personal choices, cultural norms, and life circumstances. Societal expectations around marriage have evolved, and many people now prioritize other aspects of life, such as career development, personal growth, or meaningful relationships, over adhering to traditional timelines.

Being single at 39 could also mean that you're waiting for the right partner and connection, which is a thoughtful and mature approach. It's better to be in a fulfilling and authentic relationship than to rush into marriage due to societal pressure.

If you’re content with where you are in life, that’s what matters most. If you’re feeling uncertain or pressured, exploring what marriage or partnership means to you and aligning it with your values can be helpful.

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Insurance, Stocks, MF, PF Expert - Answered on Nov 17, 2024

Asked by Anonymous - Nov 17, 2024Hindi

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I invested 30 lakhs rupees in SBI market unit link policy,ita a policy of 5 years n 5 years waiting period so total 10 years, every year I paid 6 lakhs rupees for 5years n it's almost 6 years now,so how much money will I get it now

Ans: Hello;

Could be approx between 35-38 L.

Best wishes;

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Question by Saravanan - Nov 12, 2024Hindi

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I am seeking guidance on my current financial situation. I am 50 years old, with a net take-home income of 1.42 lacs per month, while my wife earns approximately 75k monthly. We have two daughters pursuing higher education, with annual fees totalling 6.10 lacs. In the wake of the COVID-19 pandemic, I faced a significant setback when I was unable to pay my home loan EMI, leading me to opt for a moratorium. Despite having already paid approximately 43.85 lakhs towards my home loan of 58.50 lakhs taken in 2017, the principal outstanding has astonishingly increased to 59.45 lakhs. I now find myself committed to an EMI of 65,000 monthly, further straining our financial resources. To cover both my daughters first-year college fees, I took out a gold loan of 5.5 lakhs, for which I currently pay 50,000 a month. I had invested in a family health insurance policy with Star Health, covering 10 lakhs, but due to poor service I stopped paying my premium, which had an accrued value of 17.50 lakhs. I hold a provident fund account with a balance of 2.5 lakhs. I am concerned about planning for my elder daughter's wedding in the next 2 to 3 years and my retirement. I would appreciate any advice or strategies you could provide to help me navigate this situation effectively.

Ans: Hello;

Try and understand from the home loan lender as to how 59.45 L principal is overdue despite paying a sum of 43.85 L, despite factoring 80% of this as interest payment, the overdue principal should be below 50 L.

Double check if this is as per the terms of moratorium.

If you are not satisfied with replies from the lender escalate the matter to the highest authority at lender or RBI.

Lender can't behave irrationally just because you availed moratorium during COVID.

In my view you should have just sold the gold rather then taking loan against it.

That way you could have lessened EMI burden on your finances and ensured investments for retirement and other goals.

Unfortunately we have a tradition of attaching emotional value to precious metals and real estate.

The best "jewellery" you can offer to your kids is good education, which you have already done.

In matters of health insurance never discontinue a policy due to dissatisfaction with the insurer, port it to another insurer, 1.5/2 months before the renewal date so that your benefits remain intact. Now you may be need to find another health care insurance.

You may begin a monthly sip of 25-30 K in diversified large cap oriented mutual fund for 5 years.

Also give a thought to NPS, you can contribute till 70 age, for retirement pension.

Best wishes;

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Asked by Anonymous - Nov 15, 2024Hindi

Money

I am 42 years old male currently working as a software engineer in a private company and drawing 1.1 lakhs per month. I have 2 school going kids. My monthly expenses are around 80K per month including rent. I don't have any personal property in my name. I have invested 50L in postal term deposit(yearly payout), 20L in Shriram transport finance FD(monthly payout), 11 lakh in HDFC balanced fund dividend(monthly payout), 6L in bank FD(monthly payout) all in my wife's name. I have invested 28L in my HUF account against Shriram Transport Finance FD (monthly payout). I have around 20L in EPF and Gratuity. I have around 8 lakhs in miscellaneous Mutual funds with a monthly sip of around 36K. Most of my investments pay me monthly return except this SIP. I have done so as software job is very fragile which can go any time. However I have maxed out on the return I can take per year on my wife's head (7L) and HUF(2.5L) without tax liability. Please advise how I can invest further to get returns so that I can quickly withstand any job loss.

Ans: Hello;

You have already made sufficient provisions to survive a job loss because your passive monthly income is now almost covering your monthly expenses.

But if you need added back-up you may keep expenses worth 6 months(@ 5 L) in a liquid type mutual fund.

Focus on 3 goals;
1. Children's education
2. Retirement
3. House

If you again keep investing in fixed income bearing instruments then you may not be able to grow a corpus to fund these goals.

A mutual fund sip(36 K) is a step in the right direction. I believe these are scheme with Growth option.

Hope you have EPF/NPS/PPF investments as well.

Happy Investing;

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Dietician, Diabetes Expert - Answered on Nov 17, 2024

Asked by Anonymous - Nov 15, 2024Hindi

Health

Hello madam I m 45 years old male from last 2 year.I m type 2 diabetic patient.I m on intermittent fasting 18hrs..I take lunch at 13.00 and dinner at 18.30..I m on salad in lunch with protien 100gm no carbs and in dinner i take salad protien 100gm and 100gm cooked rice...My weight and height 78kg and 178 cm..I take 12000 steps every day.My H1abc is 49.I live in europe..Just looking youtube video I make discipline in my life..Is anything more i can do better? Thank you

Ans: I am glad that you've established a disciplined routine that's impressive and beneficial for managing type 2 diabetes. Keep track of your blood sugar levels before and after meals to understand how different foods affect you. Hydrate well and add healthy fats such as avocados, nuts, seeds, and olive oil which can provide satiety and essential nutrients without spiking your blood sugar. Incorporate fruits, vegetables, beans , etc. in your diet to ensure a good intake of fiber. While your daily 12,000 steps are excellent, incorporating other forms of exercise such as strength training or cycling, etc., will be beneficial.

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Insurance, Stocks, MF, PF Expert - Answered on Nov 16, 2024

Question by Krishna - Nov 11, 2024Hindi

Money

sir, I wish to start SIP of Rs 5000 each in one small cap , one midcap , one flexi cap and one multi cap funds.Please suggest me the funds where I can invest. I am planning to invest fir a period of ten years.

Ans: Hello;

You may consider following funds:

SBI Small cap fund
Kotak Emerging equities fund
PPFAS flexicap fund
Nippon India Multicap Fund

These funds are recommended based on relatively steady returns over 10 year horizon.

Happy Investing;

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Asked by Anonymous - Nov 10, 2024Hindi

Money

Hi Nitin, I am 40, no saving, no investments. Was out of job in '22 restarted contractual work in '24. During this period of 2 years. I borrowed money from people (friends/ family) & credit card. Missed multiple EMI's. Cibil score has gone for a toss. Out of monthly income of 40,000 i have monthly due of 30,000 to clear each month. Please guide how i can turn around the situation.

Ans: Hello;

Only way you can turnaround the situation is by diligently repaying overdue loans.

Once loans are over start a monthly sip of 20 K. This can grow into a corpus of around 50 L in 10 years and around 1 Cr in 15 years. (12% return from equity funds assumed).

Best wishes;

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Insurance, Stocks, MF, PF Expert - Answered on Nov 16, 2024

Question by Kaushik - Nov 11, 2024Hindi

Money

Hello, I am 49 years old and seeking an early retirement. My total corpus at the current state is approx 8 Cr as per the following breakup. 1. Equity - 4.4 CR 2. FD - 1.05 CR 3. Gold - 1 CR 4. 2 nos Property - current valuation - 1.6 CR My curent monthly expenses is approx 1.5 lacs. I have done an medical insurance and I have zero debt. Is this situation is favourable for me to retire in next 1 year with considering life expentensy around 85 years. I am still unvesting 1 lac per month is equities. Thanks

Ans: Hello;

Kudos for a judicious blend of asset allocation.

I have assumed one property occupied by you (80 L) while the other property is let out(80 L) and considering 3% rental yield may provide you a monthly income of 20 K.

You may buy immediate annuity for a sum of 1.45 Cr which may provide you a monthly income of around 65 K (post-tax). (6% annuity rate considered)

For the balance 5 Cr corpus you may do an SWP in a low to moderate risk equity savings fund like ICICI Pru equity savings fund. A 3% SWP will get you a monthly income of 1.12 L (post-tax).

So your total post-tax monthly income in retirement would be 1.12+0.2+0.65= 1.97 L.

A modest return of 8% on SWP fund will be good enough to provide inflation adjusted income every year till the age of 85.

Avoid direct equity and pure equity mutual fund exposure in retirement. Invest through hybrid mutual funds, with low allocation to equity.

Happy Investing;

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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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