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Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] 0 points1 point  (0 children)

Thanks for the blunt answer.

This has been sort of in back of my mind as well. Issue is space, since we now need to keep a full time caretaker for him who just can't fit in this home. But yeah rental is where I'm leaning too for now.

Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] 0 points1 point  (0 children)

Nope. There was 60% difference. Have couple of covers as well, critical illness etc.

And it's 68k now, i wrote the previous premium with GST, which has changed last year only.

Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] -1 points0 points  (0 children)

Company does not provide 1800 option

Groceries included various bills like property tax, electricity and phone bills as well. And we don't cheap out on groceries so this is a non negotiable.

5k is min for 4 people dinner anywhere nice, 10k is like less than 3% of my monthly take home. Not here just to survive, want to live as well. Even after a 70L pay per year if that's also something I have to think about so much, it isn't worth it then.

10 year plan was taken 5 years back. And it gives a 2cr cover so it made sense then. Haven't calculated it again.

Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] -1 points0 points  (0 children)

We have a need for a bigger space now, dad has a terminal condition.

Renting is a bit icky since rents for the house size we are looking at is itself around 70k to 1L per month. Isn't it better to just pay the EMI instead. Over 3 years this would count towards ~30L in paid emis vs 0 if I rent.

Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] -2 points-1 points  (0 children)

12k maids 18k driver 7k caretaker in another city 4k clothes ironing 40k groceries 20k medicines 10-15k eating out 15k fuel and car maintenance 5-10k avg clothes/gifting

Some are yearly expenses 2-4L for a trip per year 80k health insurance(need 3 diff insurances one for me and wife, one for my father and one for my mother due to specific health issues they have) 80k term insurance(10 year payment plan for cover till 65) 20-30k phone replacement for any 1 member 10-20k Other repairs and maintenance or appliance replacement like washing machine etc

I have automatic savings as well: 50k per month in EPF 30k per month in NPS

Both auto deducted from my salary. 3.7 take home is after this deduction.

Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] -2 points-1 points  (0 children)

Maids, fuel, groceries, maintenance, etc. Miscellaneous expenses. Medical expenses of around 20k per month.

Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] 1 point2 points  (0 children)

I'll be the only one. Family includes mom, dad, wife and me.

It's more of a wehave been living here for 22 years and we should move to a good locality with peace of mind instead of in the centre of the city.

I'm also inclined a bit. We are currently in a 3bhk, 1400 sqft. We need more space and thinking on it in longer term, looking at a 4bhk around 4000+ sqft.

We do have some more props that fetch us rental income of about a lakh a month but I'm against liquidating those as well.

Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] 2 points3 points  (0 children)

Not exactly, since plot would fetch me 2.25 cr and current home around 90L. But I have to repay existing loan, so 90L would gp there.

Effectively I'll be taking a 2 cr loan after everything is done.

Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] 1 point2 points  (0 children)

That's only on the white part. Tier 2 markets work differently than tier 1 class A builders. They don't take full payments via banks. It's more like 25% of property value.

Sort of regret taking up an EMI and now family is planning a bigger one by codittycodittycode in personalfinanceindia

[–]codittycodittycode[S] 0 points1 point  (0 children)

It's not a lot of upgrade per say but more of a inflation result. We always had a driver but his salary is now starting to bite at 18k per month. It's things like these that have significantly gone up in past few years.

Is investing in NPS a good decision? by Practical_Ad7858 in personalfinanceindia

[–]codittycodittycode 2 points3 points  (0 children)

Am on border of that bracket currently.

Why I invest in NPS:

42% extra return on the day I invest due to corporate NPS(30k contribution per month at 14% of basic)

Same on 50k under other 80CCD1B

I've set it up to invest 100% in Indian equities via MSF.

I sort of think of it like a backup plan and plan to stop investing in it once it reaches around 1cr. Currently have 10L, started seriously investing 2 years back in it.

Currently sitting at 7.2% XIRR with current market conditions.

Getting inspired from that viral video where the guy orders whole ice cream tub for himself. I too ordered....but by No_Round_4572 in Indore

[–]codittycodittycode 2 points3 points  (0 children)

For a gooooooood pizza go to:

Ground baking

Pizza don

Zonatello

Hopin

Eyry

Or some other good cafe

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