Every year, Supriyo and Sharmila used to throw a housewarming party.
This has been one of the most “looked forward to” events for all their friends for the last six years.
Ample food and free-flowing drinks of various kinds made the evening memorable.
However, this year, his friends were in for a pleasant shock.
The days of annual parties would be soon over, they were told.
Of course, there would be one huge party but that would be the end of the series.
Everybody asked for the reason.
Some of them even offered explanations.
“Is Sharmila expecting a baby?” asked Ruchi, Arun’s wife. She generally covers every angle.
“Hope you guys are not leaving Kolkata,” wished Suchandra.
“What happened, suddenly?” asked Ravi.
“Not suddenly, man,” Supriyo assured him, “This has been our plan for some time now.”
“Tell me all about it,” demanded Ravi.
We will let you know all about it but before that let us tell you about another small family, Asis, Shalini, and their daughter, Pinky.
Decades Spent on a Rental Home
Asis and Shalini Mukherjee never had their own home in Kolkata.
They spent almost all their lives in a rental home.
Of course, they faced the usual disadvantages of living as tenants.
Small tiffs about water usage, Pinky playing the music system a little louder, prying eyes of the old landlord couple about Pinky’s friends. Advice from friends and relatives about the usefulness of having own home.
Still. Asis and Shalini did not want to leave this old house and buy their own apartment.
Maybe the place grew on them, or maybe living in that house was comfortable.
However, times change.
The old landlord died and his son became the new landlord.
“Uncle, I am thinking of selling this house. I live in Bangalore, and cannot come back to Kolkata. I am planning to sell this house and take my mother to live with me.” he informed Asis.
This hit Asis like a truck carrying a ton of bricks.
At that moment, he realized the importance of having a roof over his head in Kolkata.
Crestfallen, he went back to his home and shared the news with his family.
Surprisingly, Pinky was not worried at all.
“No worries Papa,” she said, “Let’s search for a suitable apartment and buy that.”
“But that requires so much money. After all, I will have to get you married too.”
“I have already taken some steps. Don’t worry Papa. Worrying is not good for you,” assured Pinky.
At that moment, Asis realized that his daughter had grown up and began to take responsibility. Of course, she must be because she has been working in an IT company for a few years now.
Pinky offered an amazing solution.
Asis wondered why he hadn’t thought of it earlier.
We will discuss how buying a home can be made easier with a little financial ingenuity. This was how Pinky helped to home for them.
Keep reading.
Supriyo & Sharmila Buy a Home
Supriyo and Sharmila are a dynamic young duo ready the get the best in life.
The only possession they don’t have is a home of their own in Kolkata. Both of them are from North Bengal and have no home in Kolkata.
A few years into their well-paying jobs in the financial services industry, they can afford to buy an apartment in a gated community.
After all, the feeling of having a roof over your head is priceless.
It was not very difficult for them. They have been investing in a mutual fund in the SIP mode for a few years and already a good enough corpus accumulated.
They used that money to pay the down payment for a home loan.
They decided to continue their SIP.
After a few years, when some more money is accumulated, they would partially pre-pay the home loan.
This would save a considerable part of the interest component of their home loan.
This would help them earn a differential of 4% between 12% (assumed mutual fund annual return) and 8% (long-term home loan interest rate).
However, Pinky had a different solution to their problem.
You can also adopt her ideas and buy an apartment without stretching your finances.
Want to know what that was?
Let us discuss.
Pinky Helped Her Father Buy a Flat
Pinky has been saving a part of her salary. Her idea was to save income tax.
Later on, she started investing regularly in a couple of mutual fund schemes.
She decided to use a part of that accumulated amount (with some contribution from her father) to pay the down payment of a home loan.
She also decided to use the proceeds of one of the mutual fund investments to make the EMI burden lighter.
She did it innovatively.
She continued with her SIP but started a SWP (Systematic Withdrawal Plan).
This plan gave her a regular, monthly cash flow that helped her to pay the EMIs (again with some help from her father) without stretching the family finances or future plans.
In fact, you can pay your EMIs with mutual fund investments.
To buy your dream home, contact us today. We have a large bouquet of under-construction and ready-to-move properties in Kolkata.
You can also contact us for innovative home loan solutions based on your requirements.
