Posted on: 18th Nov, 2009 04:56 am
I have deposited some amount for long term deposit schem in a bank mean while an opportunity came to me purchase land in instalment basis. im in confussion that how i budget my income slop. in which few amount is less for purchase a land. in behalf of instalment and my fix deposite how i budget both deelings.
Please guide me.
Please guide me.
Hi,
"im in confussion that how i budget my income slop. in which few amount is less for purchase a land. in behalf of instalment and my fix deposite how i budget both deelings."
I'm not sure if I've understood your query properly. You have a long term deposit scheme in bank and you want to purchase a land. Do you want to purchase the land using the fixed deposit amount? I don't think that would be a wise thing to do. If you take out money from your long term deposit before its maturity, it will attract a penalty. It's better to not use the deposit money to purchase the land. Instead, you should look for a loan to finance the purchase of the land.
"im in confussion that how i budget my income slop. in which few amount is less for purchase a land. in behalf of instalment and my fix deposite how i budget both deelings."
I'm not sure if I've understood your query properly. You have a long term deposit scheme in bank and you want to purchase a land. Do you want to purchase the land using the fixed deposit amount? I don't think that would be a wise thing to do. If you take out money from your long term deposit before its maturity, it will attract a penalty. It's better to not use the deposit money to purchase the land. Instead, you should look for a loan to finance the purchase of the land.
thank
hello... as you say you deposited some amount for long term deposit schem in a bank .... do you deposit whole money in a same time period or.. you divide that money in part then you deposited... becoz when you purchase a land... and you want that amount..then it will attract a penalty when you withdraw ... go with good financial advisor... OR go for Bank loan .. they should give a loan to purchase a land... take care in financial planning.. :D