I am 26 years old married person and working with a reputed company. My monthly take home salary is 28000 Rs. My saving rate is pretty high at 25K as I live in joint family. So I have constant incoming money which I can invest for different purposes. My spouse is also working but will be on leave for next six months without pay due to personal reason. Her per month salary is 14000 currently. There are some immediate requirements which are given below.
.1. Purchase of flat in Mira Road-approximate price will be 40 lakhs excluding the RR, SD and other expenses. In total it might go up-to 46-28 lakhs.
2. Purchase of insurance scheme which cover me, my wife, upcoming baby, my parents.
3. Fund for baby future requirements.
4. Investment in pensions scheme.
5. fund for emergency times.
We are looking for a long term home loan, integrated insurance cover, pension schemes and contingency funds. First priority will be Central Bank of India, State Bank of India for home loan and investment purpose and LIC for insurance scheme but if other good options are there, please advice.
Currently I have approx 4.5 Lakhs in bank saving account, Please provide the advice how to plan for everything, so that I can utilize the money in a better & effective way.