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Query Corner: Finance
February, 22nd 2010

I will be retiring in September 2014 from a public sector bank with a pension of Rs 17,500. My savings include $68,000 kept in a London Bank, property worth Rs 1 crore, Rs 5 lakh in time deposit, etc. I am planning to settle in Mumbai and contemplating to sell my house at Kanpur to fund purchase of one flat in Mumbai (including suburb). Kindly suggest an investment plan.
Arun Mishra

Only sale proceeds of your Kanpur flat may not be sufficient to buy a house of your choice in Mumbai as a 2-bed room flat in any of the suburbs in Mumbai would cost around RS 70-80 lakh. Invest Rs 15 lakh in senior citizen saving scheme and Rs 900,000 in Post Office-MIS jointly with your wife to get a regular income. You can invest the balance in tax-efficient manner through a diversified portfolio of mutual fund in debt and equity in the ratio of 70:30. You can reinvest your time deposit from the London-based bank in a tax-efficient manner, depending upon implementation of a New Direct Tax Code in 2011.

I am 33 years old and I need some advice on financial planning. My current monthly expenditure, inclusive of investments is Rs 29,842 and my net take home salary is Rs 95,000. I am servicing a housing loan EMI of Rs 22,000.
Vijai Krishnamurthy

Considering your retirement age of 60 years and assuming an inflation of 6% per annum, you will need Rs 1 lakh per month right from the first month after retirement to maintain your current life style. Invest the balance of Rs 2 lakh immediately into diversified equity MF schemes and also invest regularly through the SIP route to achieve your financial goals.

I am a 35-year-old professional and I earn Rs 40,000. I am servicing a car loan which would be repaid by 2011. Kindly design an investment plan.

Buy a term insurance plan for a sum assured of Rs 50 lakh with accident and disability benefit rider. Start an SIP of at least Rs 5,000 per month in diversified equity MF schemes and keep the amount increasing every year. You may also start an additional SIP for the amount equal to your car loan EMI after the loan is fully repaid in 2011.

My age is 26 years and my monthly salary is Rs 49,000. I have invested Rs 25,000 per annum in an LIC ULIP plan. After July, Ill be able to invest Rs 15,000 per month. Please advise on my investment plan.
Prabhat Gupta

Set your short and long-term goals and start investing accordingly. Looking into your age and current income, I advise you to invest Rs 15,000 pm in diversified equity MF schemes through SIP.

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