My father retired in 2008 from a PSU in Hyderabad. The corporate will not be 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 impartial home, and he felt he and my mom didn’t want such an enormous home, so that they moved to a rented home, paying 8K as lease in 2008 and determined to take a position the 85L and reside on its curiosity. At the moment, they have been getting about 7L per yr and their month-to-month expense, together with the lease, have been about 35K. Every thing was excellent, they usually have been completely happy.
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 possibility 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 possibility as different corporations charged exorbitantly, and no firm provided contemporary mediclaim to a 72-year-old man. I had no possibility 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 now not reside individually, so that they needed to transfer to a flat in my constructing (my flat is just too small for my household and theirs). The lease in my constructing was 35K in comparison with 15K of their earlier flat.
There have been a number of cases after I had instructed my mother and father to purchase a flat in my constructing and save lease, however they wished to reside with out their very own home, saying they would favor to take a position 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 accomplished properly. However now, with a 38K lease and different bills, together with drugs, meals, maid, and so on, my mother and father are incurring an expenditure of about 70K per 30 days.
The home proprietor is rising the lease at 8% yearly, which is exorbitant, however we have now no possibility as a result of they’ll’t reside far-off, I can’t transfer to some distant location the place the lease 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 lease yearly. My mom has strolling points and wishes assist with all the pieces. My father has his proper facet weakened after the stroke, so them should not that cellular. I’ve to maintain them in a flat in my constructing alone. Shopping for will not be an possibility as costs are over the roof, and even my father’s complete corpus received’t be sufficient to purchase a home right here now.
I might NEVER suggest not shopping for a home to anybody until they’re younger, wholesome, and free to maneuver every time they’ve a nasty landlord. If in case you have your individual home, you will have a secure roof over your head and don’t need to reside on the mercy of another person. Having your individual home avoids stress.
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