Buying A House Through Smart Savings

Deepak Malhotra, 31, was not very familiar with different saving instruments, yet he knew the importance of saving money. He already had a goal – to buy his own house. Coming from a family of bankers who are old-school investors, Malhotra started with recurring deposits and then turning them into fixed deposits. Over a period of six years, he managed to save around Rs20 lakh, primarily made possible by a significant increase in his income and partly by what he calls “smart management of expenses.” “From being a Technical Associate at IBM to Senior Manager in Indigo Airlines, the career growth also translated to increased income. But I made it a point not to increase my expenses in the same proportion. I continued to travel to work by car pool instead of buying a car and when I needed a personal vehicle, I used my father’s old car,” Malhotra said. He...