Case study

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Nilesh Joshi works as a manager in a pharma company in Navi Mumbai, his wife is a homemaker and they have a son, Nishad, currently studying in class X. The couple are staying with Nilesh's parents. They recently purchased their second property in Nerul, for investment. The flat is worth Rs 50 lakh, for which he has made a down payment of Rs 20 lakh and intends to pay the rest through a home loan. Nilesh has been investing prudently since the past 10 years, due to which he has decent savings and he was able to manage the down payment. His first priority is to pay-off his home loan and he also wants to create an educational corpus for his son's higher studies. His final priority is planning for his retirement