Close ended Equity NFO – should you invest in HDFC Housing fund?

Over the last few years and especially in 2017 many of the Fund houses have come up with a slew of close ended NFO’s. These come with a variety of themes and associated terminology. For example ICICI calls them Value Fund series, Sundaram calls them Micro cap series and Axis calls them Equity advantage series. In this post let us look at why these are in vogue now, what are the pros and cons and finally whether it is a good idea to invest in them.

The first issue is relatively simple to answer : new products get developed based on the likelihood of their success. With a lot of retail and institutional buyers pumping in money, there is always a demand for newer types of funds to invest in. For fund houses, it is an opportunity to have a specific charter which may not be possible to fulfil through their regular funds. For example, one of the ICICI value series funds only wanted to invest in Pharma and IT sectors as these were beaten down significantly over the last six months or so. Now this could be done in one of their existing funds too but for a fund manager to churn the portfolio by selling stocks that are doing well is not always an easy decision to take. Using fresh money in taking such calls is relatively simple. The trend started by end 2014 or so with ICICI and has now percolated to several others.

What are the pros and cons of such funds? Well, for one the mandates here have a lot more clarity compared to a vanilla large cap or mid cap fund. The fact that it is close ended, normally for 3 years, means that the fund manager has time at his disposal to take the calls he wants to take. On the flip side you will not have access to your money for 3 years and this is a problem unless you can definitely do without it for this time. A greater problem may be your inability to shift in case you are not happy with the performance. From my viewpoint, I do not see both these issues as a serious one. Firstly, you should be investing in equity for a much longer term than 3 years. Secondly, the Fund manager is way more qualified to deal with short term performance issues.

Let me now give some details of an investment that I made in one such fund. While the experience may not be repeated for all funds, it does offer certain insights:-

  • I purchased ICICI Prudential Value Fund series 2 on 6/12/2013. Invested amount was 2 lacs in the Dividend option.
  • The idea was to get some regular income as I planned to go for my consultancy practice sometime in 2014.
  • Though it was a 3 year fund, it has now been rolled over and will mature on 31/12/2018.
  • So far total dividends have amounted to 1.6 lacs
  • Current value of the fund is nearly 2.5 lacs

I think it can be said quite safely that this worked out quite well. In fact, I have invested in several follow up NFO from ICICI. Apart from ICICI I have also tried out Axis, Birla Sunlife, Sundaram and UTI for close ended funds. From a personal perspective it works well for me as I get tax free income and also growth from it.

You should be investing in these funds under the following situations:-

  • You have some income requirement every year. Instead of doing FD you can go for close ended funds with dividend option. Note that the dividend is not guaranteed.
  • You have a goal after 3-4 years. This is ideal for such situations. However, in such a case choose the Growth option.
  • You have come into some money and do not want to decide on allocation for 2-3 years as you may need the money then. Go for the growth option here too.
  • Make sure you understand the mandate and therefore the associated risk profile. A micro cap series from Sundaram will obviously be more risky as compared to the Value fund series of ICICI. However, the rewards will vary in a similar trend too.

If you are interested in these funds after reading this post, do consider the HDFC Housing fund which closes for subscription today. It is in an area where there will be definite growth and the industries they are investing in will be likely to do well for the next 10-15 years and maybe even longer. The 3 year close ended NFO may just be the right vehicle for any medium term goal you have. For example, I feel of you want 5 lacs after 3 years, you can just invest 3 lacs in this and wait for 3 years. It is very likely that you will be able to realise an amount close to your goals.

People having surplus money and waiting to invest in some suitable avenue should take hold of this opportunity.

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Cash outflow in retirement is a function of lifestyle

Over the years I have planned my financial independence, where I would have no need for an active income. This entailed creating the 3 portfolios of Debt, MF and stocks. If you are interested you can search my blog to read about my financial planning, there are quite a few posts on it. The important thing to understand here is that for me and anyone else, the amount of money needed in retirement will be a function of the lifestyle you want to lead. 

For example, you can say that you just want to have a simple lifestyle in your home town without too many activities such as entertainment, dining out or travel. In this case, your expenses are likely to be reasonably controlled and maybe a figure of 6 lacs in current prices will suffice annually. On the other hand you may be a person who wants to have a vacation abroad every year, visit your children once in 6 months, have a car and driver to take you places etc. In such a scenario even 15 lacs per year may not be adequate.

So how do you go about estimating the kind of cash flows you would need in order to be able to have the lifestyle you want? One of the major assumptions I will make here is that your retirement period is 3 decades. Since most of the people retiring today are unlikely to do so before they reach 50 and almost many will look at 60 years or close by, this is a reasonable assumption. The mistake most people make is that they feel the expenses will be constant over the period of these 3 decades. In fact many people I know spend less initially as they are worried about inflation and their money running out.

If you look at this in a logical manner, you will probably do far more activities in the first of the three decades. Let us say you have retired at 55 years – now till you are 65, you will probably be in good health and therefore be in a great position to indulge in your hobbies and passions. The second decade will definitely see a reduction in the physical activities, for example your frequency of travel will reduce significantly. The third and final decade will probably see very little activity outside home.

Now, if we have to provide a framework for all the cost elements that are required to be funded in retirement, it will probably look like this :-

  • Accommodation : Most people having their own house or apartment will need to have maintenance costs. Even if you are having a property somewhere and can fund your accommodation expenses through it’s rent, you are in good shape. In case you need to rent that will prove progressively more expensive with each year and therefore need a fair amount of assets.
  • Running costs : These include daily living costs such as food, help expenses, utilities, maintenance, entertainment, clothing etc
  • Insurance : Term insurance should be junked in retirement and you need to have Medical and home insurance for as much as you can possibly afford.
  • Asset replacement : You will need to replace some furniture, quite possibly several white goods and also your car, once or more in these 3 decades. It is best to be prepared for it, very often we do not take it into account.
  • Children related : I hope the higher education of the children and maybe marriages are over by the time you retire. Even if they are not, you need to keep a separate fund for it. Do not mix it with your retirement goals or plans. Also, while it is perfectly all right to give gifts to children, in your retirement you r children should not be needing monetary support from you in any manner.
  • Travel : If you are a travel crazed person, like I am, you better estimate these expenses in a proper manner. Travel abroad is obviously expensive but even travel within India is getting there, especially if you account for the fact that at an advanced age you will need to travel in some comfort.
  • Hobbies : Whether it is Golf, attending live music shows or visiting literary or theatre festivals, hobbies can be expensive. However, at this stage of your life you do need to indulge in them and therefore you have to plan accordingly.
  • Health related : Even with health insurance, there is no guarantee that all mishaps will be covered adequately. As the decades go by, whatever you reduce in travel and hobbies should be kept for this purpose.

We can keep adding other categories but the above are good enough to arrive at a reasonable basis for our retirement expense calculations. How do you do it?

  • Take your running costs based on your current expenses at the time you retire. Let us say this is X.
  • Take other costs as a factor of X. For example if you are a frequent traveller then you may want to keep 0.5 X as your costs here for the first decade. Remember it is also a function of what X is. For example if you live frugally then X may be 4 lacs and you may need to keep 3 lacs for travel, especially if you are looking to travel outside India.
  • Some costs are not annual in nature. For example asset replacement may well cost you 5X BUT it will be only once in 10 years or so.

I hope you have understood the concept by now. Doing this for 3 decades will tell us what is the total cash flows that we need at current costs. You can then check as to whether you have adequate inflows either from your assets or other sources.

The proof of the pudding is always in the eating though, and I will explain this framework with my personal situation in the next post.

A passage to Konkan coast

We are just back from our Konkan travel and, all things considered, it was probably one of the best vacations we had in recent times. It had been a long cherished desire of mine to view beaches of the Arabian sea from all States and, over the years, I had covered Kerala, Karnataka, Goa, Diu and Gujarat. As for Maharashtra, my forays were limited to the Mumbai beaches and I was very keen to visit beaches on the Konkan coast.

People who are interested in the travel planning can read about it here. Travel logistics are covered in this post. In the present post, I will cover the actual trip which started on 20th November early morning and ended on 25th November evening.

Our flight to Goa was at an unearthly hour of 5:40 AM, so we woke up at 2:30 AM and were in the car by 3 AM. In the morning hours drive on the ORR is a pleasure and we reached quite fast. Hyderabad airport was rather crowded even at that hour and it took us a fair time to get through security check. As is our practice nowadays, we headed to the airport lounge. It was way too early for breakfast but there were enough food items along with some decent coffee. Thankfully the flight was on time and we reached Goa in an uneventful manner, catching up on some lost sleep of the night before. Goa is like a second home to us, courtesy our Timeshare and our son Ronju studying there. This time we went to the Colva beach after picking up Ronju from BITS. Sitting at the beach shack, savouring some breakfast while watching the sea and catching up with Ronju was a great way to kick start the vacation.

Our train was from Madgaon at 12 noon but the winter timetable had changed it to 2:30 PM. Though it was a trifle bugging, as experienced travellers we take things in our stride and had a fairly interesting lunch in the station outlet Benjoes. The train ride was a short one, we reached Kudal at around 4:30 PM. Our first experience of the views from the train were quite favourable, especially the backwaters and the lush greenery of the western ghats. From Kudal the only viable option for Tarkarli travel is an auto rickshaw and having engaged one, we reached the MTDC resort around evening.

Tarkarli is a nice place, though a little desolate and the MTDC resort has great location. The Konkani cottage which we had booked, overlooked the sea and you could just take a 50 meter walk to reach it. Service at the resort is quite good and prompt, though the room could have done with better upkeep. The restaurant has been let out to a private party and we got friendly with the Chef there. Food was generally good to taste and the fish/prawns were great though a trifle on the dearer side. These places are all about experiences though and we had our fill of it in the 3 days we were there. Sitting in the Gazebo and having dinner while listening to the sea, wading through the sea waves along a long and isolated beach, lying on a hammock with the sea breeze rustling the tree leaves – you can take your pick, I liked all of these.

Tarkarli has two main activities and we did those in the two days we were there. First is seeing some nearby beaches and the Sindhudurg fort which you need to reach via a ferry. While the beaches were nice the fort was spectacular. I was glad of my fitness levels as it takes a fair bit to climb the fort walls, in order to get views of the sea. However, such efforts were greatly rewarded by the absolutely glorious views of the Sea which you get to see. Shivaji had great foresight with building this fort and it was one of the main reasons why the Marathas were able to hold on to their own against the naval threat from the colonial powers. There is also a beautiful Rock garden worth visiting, mainly due to the sea views again, though the landscaping here is brilliantly done too.

When in Tarkarli, one must do the boating in Karli river and see the notable points namely Dolphin point, sangam where the river meets the sea and Tsunami island. The ride through the river and the sea in a fairly rickety boat was quite an adventure and the sights of the villages and the various moods of the sea made the exercise worthwhile. We engaged in some water sports activities available in the Tsunami island. The speed boat and water scooter were predictable but the Bumper boat ride, where you sit on an inflated rubber sofa and are dragged at great speeds by a speed boat was definitely adrenaline pumping and hair raising. In the evening I also tried para motoring where a jeep pulls you hanging from a parachute. Quite an experience !!

Ganapatipule is about 200 Kms from Tarkarli and we hired a car to take us there. Even though this was a bit on the expensive side, the coastal route was replete with temples, beaches, backwater stretches and lush greenery. The combination is rather unique and I doubt whether we will have something similar elsewhere in India. We had our lunch in Ratnagiri – once again the ubiquitous fish thali, which we were getting rather used to. The drive from Ratnagiri to Ganapatipule is a very nice one with great sea views again from a height.

Ganapatipule beach is really the best beach I have seen. It is a white sand beach, stretching across a long way and as it can be only accessed easily from the MTDC resort, it also gives you a splendid sense of isolation. Lipi and I took long walks on the beach, watched two glorious sunsets and marvelled at the myriad hues of the sea. Our room was on the first floor and the balcony provided magnificent sea views. If you are too lazy for activities, just sitting on a chair and watching the sea waves will be an excellent idea. The in-house restaurant, Tarang, is run very well and has great food selections. 

Right next to the beach is the famous Ganesh temple, visited by countless devotees all over the year. If you are a religious person you will be deeply moved by the reverence showed by the worshippers there. Even otherwise, the location of the temple as well as the idol of the deity’s Mount makes it a very unique shrine. Do not miss out on the laddu which is given as prasadam here. In addition to the temple, an open air museum named Prachin Konkan, depicting how people lived in a typical Konkan village in early times is worth a visit. We also went to a new wax house, having some wax figures created by an American sculptor. It is a novel attempt though you can be excused if you think that the similarity to real life is not a great one. 

It is possible to visit the Jaigad fort and a couple of other beaches but with limited time at our disposal, we wanted to maximise our experience of the beach. Soon it was time to bid adieu to the place and, once again, the journey to the Ratnagiri station offered us great views of the Konkan coast. The vastness as well as the beauty of the Arabian sea has no better viewing point than this journey. We boarded the Jan Shatabdi train in the Vistadome coach – it is one having large windows and glass all around for maximum viewing surface. Despite the high cost of tickets, it is absolutely worth it and allows you to view the western ghats as no other mode of transport will do. Through this travel one can appreciate how tough it must have been to build Konkan Railway and how significant it has been for the lives of the people in this region.

All too soon, the train journey ended and we were back in Madgaon. A taxi ride to the Goa airport, an Air Asia flight to Hyderabad and finally another taxi ride saw us back home on Saturday evening. It was a matter of only 6 days but the experience was for a lifetime. Konkan coast can be addictive and I am sure we will be back in the near future, there is so much to see yet.

In the meantime, I will plan for other travels – it is the elixir of good living that keeps me motivated to carry on the other parts well. 

Travel to the Konkan coast – the logistics

In the last post I had outlined the way I arrived at the plan and the route for our Konkan vacation. Once this phase is over, the next tasks are to look at the bookings. In general you will need to book for transportation and accommodation. Of course, there is the issue about local conveyance as well but we normally deal with that when we reach our destinations – it is easier this way as you have greater options.

As I said in the previous post we were fine with the dates and did not need a fixed itinerary. As such I started with the air bookings. Let me take you through a step by step process so that others would be able to follow it easily:-

  • I started by checking any 6 day range where the morning flight to Goa and an evening flight back to Hyderabad were reasonably priced. You can do this through many websites. http://www.makemytrip.com  and http://www.easemytrip.com are normally the ones I choose to look at.
  • In the first one you have a convenience fee of 300 Rs per ticket which is not there in the other one. However, the first App lets me get some cashback on the tickets as long as the charges are 6000 Rs plus.
  • In this case the cashback was not working out so I booked the EaseMyTrip deal.
  • We got a really early flight to Goa which will leave us enough time for reaching Madgaon station. Similarly, we got an evening flight from Goa.
  • Ideally one should book about 60 days in advance to get the best rates but we started plans a little late for this trip. Even then the overall cost for the two of us came to about 10000 Rs which was reasonable.

Before booking the ticket I had checked the accommodation availability for those dates – 3 nights in Tarkarli and 2 nights in Ganpatipule. I chose the Maharashtra tourism properties as they had the best location and normally these places are tourist friendly. You can do only booking at the Maharashtra tourism website. This proved to be quite a bit expensive based on what rooms we chose. Unfortunately, the GST rate reduction had not happened by then so that was a double whammy. The total accommodation costs came to about 16500 Rs. Of course there were cheaper options in these properties and you can also look at other staying alternatives. However, these places and the rooms were aligned well to what we were looking for in a vacation, so it was all right.

The final part was the train bookings. We booked a chair car from Madgaon to Kudal and a Vistadome coach seats from Ratnagiri to Madgaon. I had again checked the availability before the other bookings and had been relieved to see that there were enough seats. The First journey was 670 Rs but the other one was rather expensive at 2520 Rs. However, travelling by the Konkan railway has been a long cherished desire and we definitely wanted to try out the Vistadome coach.

What are the other costs that will be associated with the trip. There are quite a few, but the ones I can think of right now are as follows:-

  • Food – both of us love food and we are looking forward to sampling both Maharashtrian and Konkani cuisine. 
  • Transportation from home to airport, Goa airport to Madgaon station and back.
  • Local transportation from Kudal to Tarkarli, sightseeing in Tarkarli, travel to Ganapatipule, sightseeing in Ganpatipule / Ratnagiri etc.
  • Backwater and sea cruises + other water sports.
  • Buying some souvenirs from these places.

While I do not really know what will be the costs here it will be safe to assume a figure of 20000 Rs or so. That will bring the overall expenses to the trip at 50000 Rs or so. Is is a tad excessive? Well, it can be done a lot cheaper but that depends on you.

For me, this is an amount I am willing to spend and am looking forward to our trip with great anticipation. I’m almost definite it will be well worth it and will update the readers through a travelogue once we are done.

A travel plan for Konkan beaches – the conception

People who know me, either personally or through my blog, will be aware that I am an aficionado for travel. Seeing new places and the whole exercise of conceiving and planning for travel really gets me excited. The actual travel is rejuvenating but even the anticipation which starts with the plan is great. Many people have asked me as to how I plan for my travels and in this blog post let me talk about the trip we are planning to undertake in the near future.

While there are several great places to see in India, beaches have always held a great interest for me. India is blessed with a really long coastline, three glorious seas and countless beaches to choose from. Over the years we have covered a lot of beaches starting from Kanyakumari to Digha on the east coast and to Mandvi on the west coast. On the western coast we have done Kerala, Karnataka, Goa and even Diu/Gujarat beaches but not the ones on the Konkan coast. Maharashtra beaches are less visited but they are very highly talked about and I have wanted to go there for a long time. As our anniversary is in late November, it seemed as good a time as any to plan this out.

For making a travel plan, I first read up to gain knowledge about the area in order to decide on the places to visit as well as the activities to engage in. There were some good travel blogs available for Konkan travel as well as great websites with a wealth of information. The Konkan coast stretches from Mumbai to Goa and there are several great beaches along it. However, two major ones are Ganapatipule and Tarkarli and with the time at our disposal being a maximum of 5-6 days, I decided to stick to these two. Based on the blogs I viewed it seemed that 2 nights both in Tarkarli and Ganapatipule would be adequate to cover what we would want to see there.

One the broad plan is there, the next step is to figure out how to reach there and which route to follow. Here again, the blogs and the road maps of Maharashtra were a great help. As trains to those parts from Hyderabad are few and take too much time we were able to rule out that option. The bus was also rejected for the same reason as the journey to Kolhapur by an overnight bus would be an exhausting one. I was quite keen on going by our car as I like driving and we have not gone on a long drive for ages. However, my wife Lipi was not keen on a 9 hour drive to Kolhapur and further to the Konkan coast. It would take 2 days to get there and back and 2 nights stay in Kolhapur too. Also, I saw that the new Vistadome coach has started on Konkan railways and we were keen to try that out. We had a great experience recently in a similar coach when we went from Vizag to Araku valley. Read about the details in this post if you are interested.

For Tarkarli it is convenient to go through Goa, from where you can take a train or car. As the Vistadome was not available easily on the days we searched and the timing was not good, we finalised on the following route:-

  • Travel by air from Hyderabad to Goa on Day 1.
  • Take a train from Madgaon to Kudal on Day 1.
  • Reach Tarkarli from Kudal by car/auto on Day 1.
  • Stay at Tarkarli and do activities / excursions on Day 2 and Day 3.
  • Reach Ganapatipule through Ratnagiri on Day 4 afternoon.
  • Stay at Ganapatipule on Day 4 and Day 5 nights.
  • Travel between Ratnagiri and Madgaon on Day 6 morning in the Vistadome coach.
  • Catch the evening flight from Goa to Hyderabad on Day 6 evening.

The above plan would accomplish all that we had in mind, though it would be a little expensive due to air travel etc. However as it was not a priority issue for us we were able to fix on this plan. Note that the dates were not fixed as they would depend on the bookings etc. Fortunately, I am rather flexible with my time nowadays, so it does not really matter when we start the trip.

We had to take care of the actual travel logistics next in terms of the transport and hotel bookings. Let me write about it in the next post.

How I use Mutual funds for my financial planning

Mutual funds are great instruments, not only because they let you invest in equity with reduced risk, but also due to the flexibility that they offer you in terms of all the aspects of your financial life. You can use them for goal based investments, as backup for goals, as emergency fund and also for regular income.

Over the years, I have probably used in all types of MF for taking care of the different needs in my financial life. I thought it will be a good idea to outline in a post as to what types of MF I have invested in and why. To keep the post short and sweet I will only outline the main issues and not go into the features of the MF types.

  • Equity MF Growth option: I have mainly used these for growing my portfolio. I do not really invest for specific goals, it is more like accumulating a pool of money that can be dipped into, as and when needed for a goal or some other emergency.
  • Equity MF Dividend option: I have invested in these mainly to get some regular tax free income. This forms part of my passive income base, helping my financial independence, without an active income. Most of these are close ended MF I have invested in the last 3-4 years. 
  • Balanced Funds: These provide some hedge against volatility of the markets and can be redeemed if I need money during a poor market situation.
  • Arbitrage Funds: I use this as an Emergency fund as the tax treatment is similar to that of an equity fund. Returns are low but better than FD and tax free.
  • Equity Income Funds: Similar logic as Balanced funds, helps me diversify risks. Can be redeemed if needed in a down cycle of the markets.
  • Monthly Income Plans : I have invested in the Growth option here as I am not depending on regular income from here. At the same time, I can redeem these if needed for some purpose. All of these investments are more than 3 years, so the tax incidence will be minimal.
  • Debt Funds: I have small investment in other Debt funds, mainly to lower the risks.
  • Fixed Maturity Plans: These provide stable returns and I get regular redemption from different schemes every 2-3 months. I use the capital gains as my passive income and reinvest the principal in some debt oriented instrument. With the declining rates Dual Advantage funds have been my choice of late.

As you can see from here, it is possible to invest entirely in different MF types and achieve both passive income as well as growth in your FI state. In my case, I do get some interest from tax free bonds and POMIS but that is strictly not needed. 

Are you using the versatility of different types of MF? If not, it is time you did it. I will do the next few posts on how retirement corpus can be deployed using MF.

Financial plan for the retired – A guest post

This is the first guest post in my blog and I am happy that my friend Biswanath Sengupta has penned down his experiences and thoughts on how he is going to manage his financial life in retirement. Biswanath and I were college mates while doing BE in Computer Science & Engineering at Jadavpur university.

Without further ado, here is Biswanath in his own words :-

My Financial Take – For Retired and Retired hurt People Only.

This is my first tryst with the financial instruments. I formally retired from the corporate services at an age of 55 yrs. Obviously I will be active and earning in the startup world, but at present it’s minuscule compared to the corporate earnings and the future is unknown. I have my set of liabilities as well. With high competition and automation and fast change in business scenarios we are having a significant number of retired hurt cases post 50 yrs in the service industry.
I have consulted many financial experts and did my studies as well . I am a conservative risk averse investor and as per normal life cycle would expect to live for another 25 years. Here are my few takes and learnings.

1. Practical inflation rate is 8 percent plus , irrespective of whatever the govt of the day claims.
2. The cost of living does not decrease significantly after retirement.
3. Cost of healthcare increases at the rate of 12 percent. With high pollution and global warming and junk food, incidence of lifestyle , tropical and cancer increases alarmingly.
4. Except for the Pension Schemes of the Central and State Govt employees , all other pension schemes are useless as they only give an annuity of @6-7 percent which post tax is around 5 – 6 percent.
5. As the economy grows and become global the Fixed deposits rates will come down significantly and likely to settle around 4 – 5 percent per annum meaning post tax rate will be 2 – 3 percent.
6. Most of the investment consultants are fresh or junior MBA’s with no experience of economy and life and are busy selling their products. They are useless. Experienced financial advisers are rare and pricey.
7. For many non pensioned retirees the standard of living deteriorates after 10 years of retirement and they struggle for existence after 15 years.

My learnings on how to live happily for most of your life post retirement.

1. We have to move out from risk averse FD zone unless we are ready for an effective yield taxed at your taxed rate for around 3 – 4 percent.

2. PPF, Post office schemes , Sr citizen FD limit can be exhausted.

3. Have only emergency money in FD .

4. Move 50 percent into debt or MIS schemes . Any standard advisory can support you on the same. You only have to check your portfolio once in three months. The effective post tax yield will be around 7 – 8 percent with low risk and better tax treatment as they come under LTCG after 3 years.

5. You have no choice other than to move 30 – 40 percent of your corpus into equity market to generate return and wealth. You can do this via a good equity mutual fund or thru an experienced portfolio advisory. Please do not venture on your own untill you are an expert. I trusted a portfolio advisory got a CAGR of 30 percent irrespective of the market conditions. This is the only steam of my survival. These days there are good portfolio advisories which starts from an investment of as small as Rs. 5 lakhs.

6. Have a medical insurance ASAP. If your medical insurance is less than 5 lakhs then create a seperate corpus to meet your additional need via debt MF.
7. There is nothing like minimum corpus required . They are all myths. Start courageously with what you have. Let the destiny prevails.

8. You are lucky if you have more than one house as that generates income in terms of rent and reverse mortgages in your winter days.

Enjoy retired life.