My father retired in 2008 from a PSU in Hyderabad. The corporate isn’t a part of any govt pension scheme, so all he had was a 30L from his EPF, financial savings of about 15L, and sale proceeds of 40L from his home in Hyderabad. It was an unbiased home, and he felt he and my mom didn’t want such an enormous home, in order that they moved to a rented home, paying 8K as hire in 2008 and determined to speculate the 85L and reside on its curiosity. At the moment, they have been getting about 7L per 12 months and their month-to-month expense, together with the hire, have been about 35K. Every thing was excellent, and so they have been joyful.
Till 2020, I had taken a mediclaim from a personal insurance coverage firm. I used to be paying a premium of 9K for a canopy of 2L (floater). In 2020, they hiked it to 45K for a 3L cowl (saying they don’t provide the 2L choice any extra) after which in 2021, they hiked it to 85K for a 3L cowl, regardless of NO claims for the final 12 years. Porting was not an choice as different firms charged exorbitantly, and no firm provided recent mediclaim to a 72-year-old man. I had no choice however to surrender paying mediclaim premium, as paying 85K for a 3L cowl didn’t make sense.
Quick ahead to 2022. My father had a stroke. My mother and father may not reside individually, in order that they needed to transfer to a flat in my constructing (my flat is just too small for my household and theirs). The hire in my constructing was 35K in comparison with 15K of their earlier flat.
There have been a number of situations after I had advised my mother and father to purchase a flat in my constructing and save hire, however they needed to reside with out their very own home, saying they would favor to speculate the cash and get returns. My father invested about 8K out of the 85 L he had whereas retiring in fairness, and his corpus is now 1Cr in 2025, regardless of withdrawing cash for the final 17 years—that manner, they’ve completed nicely. However now, with a 38K hire and different bills, together with drugs, meals, maid, and so on, my mother and father are incurring an expenditure of about 70K monthly.
The home proprietor is rising the hire at 8% yearly, which is exorbitant, however we now have no choice as a result of they will’t reside distant, I can’t transfer to some distant location the place the hire is much less, as my husband works right here, and that is our personal home. That manner, they’re caught. The owner is aware of this and is holding us to ransom by rising the hire yearly. My mom has strolling points and desires assist with the whole lot. My father has his proper facet weakened after the stroke, so them are usually not that cell. I’ve to maintain them in a flat in my constructing alone. Shopping for isn’t an choice as costs are over the roof, and even my father’s total corpus gained’t be sufficient to purchase a home right here now.
I’d NEVER advocate not shopping for a home to anybody except they’re younger, wholesome, and free to maneuver each time they’ve a nasty landlord. In case you have your personal home, you could have a protected roof over your head and don’t must reside on the mercy of another person. Having your personal home avoids stress.
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