I started working on a permanent basis in September 2018. Before that, I worked as a freelancer. Currently, I have approx 12 lakh in my bank account, investing in 5 lakh shares, 1.75 lakh investment in mutual fund and 4 lakhs invested in a five year fixed deposit. I am planning to buy a plot of land value 22 lakhs. Should I pay the entire amount in lump sum or should I go for a home loan? I plan to get married in 2-3 years. Also, there is a possibility that I may go abroad for higher studies in the next 1-2 years.
—Name withheld on request
From all the details mentioned, you have . is close to 23 lakhs and if you use these assets to buy property then there will hardly be any liquidity left on your end. You should not liquidate all your assets to buy this property and you can consider taking a loan at this stage as the interest rates are low. Rates may not necessarily remain low in future, but you may need some funds as you are planning to get married or go abroad for studies.
Harshad Chetanwala is the founder of mywealthgrowth.com
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