Please suggest me how to buy a house within next 2 years about 35 -40 lakhs cost. How much do I have to invest monthly and which modalities? I am a 35 year old lady and earn about 1 lakh/month, no dependents, have LIC and mediclaim.
Dear maitricee, If you can save 50K Rs. per month from now onwards for next 2 years, the basic principal amount with you ‘ll be 24m*50k = 12L Rs. With the addition of some return on your investment, you may expect your corpus value around 14L Rs.
For a house costing 40L Rs. balance 26L Rs. can be availed from a bank home loan.
You should invest in the following fund – Birla MIP II Savings 5 Plan to save for your target amount.