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How should I build a corpus to fund house?- Property hotline
Posted
July 29, 2016
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July 29, 2016
661
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6:17Now PlayingHow should I build a corpus to fund house?- Property hotline
Expert: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd.
Question: I plan to build a corpus over the next 5 years. I own a property in Calicut which is valued at Rs40 lakhs. I plan to purchase property in Bengaluru for Rs1.3 cr. My current salary is Rs12 lakhs p.a. I have no loans at the moment. I plan to purchase this property in the next 2 years. How should I plan my finances? Should I sell the Calicut property now or after 2 years? How should I build a corpus to fund this house?
Answer: Before investing in property make sure that you have a clear investment objective. It is not wise to unnecessarily block money in real estate. You rather build liquid assets first.
If you intend to sell the Calicut property to make down payment, then start the process after 1 year i.e. about a year before the time of purchase of the new property. You would be eligible for a home loan of about Rs50-60 lakhs (considering tenure of 20 years and ROI of 10.5% p.a.).
The balance can be financed as follows - You might get about Rs45-50 lakhs from sale proceeds of Calicut property. And you can arrange Rs20 lakhs from own sources. Consider investing a part of your surplus in a bond fund of a mutual fund to accumulate part of the amount.
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