You have been in your present job for too long. It’s so boring…the same work…you can close your eyes and do it. You’re bored of this routine. After all change is the way of life. Then a bolt from the blue. You have got a job offer, which you feel you cannot refuse. So what if this job offer is in another city? You can relocate there. You’re getting more money than your boring job. Your prayers have been answered. Time to make up for all that lost time. Bye Bye… to the boring routine. Life’s never been this good. There is a famous saying “Never make a decision in haste”. But everything is so good…Is there a decision to make?
You have spent months searching for your dream home. It is a beautiful house with all the amenities. You have even shown this house to your friends and relatives. Your soon to be new home. All you have to do…apply for a home loan with a reputed bank and this house is yours.But there is something important you have missed. The new job offer is great, but what about your home loan?
While the offer of a new job might be great, you must refrain from changing your job, when you want to apply for a home loan, few months down the line. If you keep changing your job, banks view you with suspicion. Availing a home loan is a long term commitment. A home loan is not something you can repay in a hurry. It takes 15 years or even 20 years, to repay a home loan. Banks look for job stability, when they sanction your home loan. Banks are concerned about only one thing when they sanction your home loan …Your ability to pay it back. Changing your job might give you a higher income, but the bank might not sanction your home loan. You have to choose: Home loan to avail a dream home or change your job for a higher pay.
You are well settled in your city. You are not paying much rent. Your wife has a good job and your children are studying in a reputed college. Everything seems fine except this wonderful job offer? The job offer looks so tempting and you want to go for the money. This job offer which was supposed to be something you always wanted, has become a burden for you. You are offered a wonderful salary, but you would have to relocate to another city. This job does not offer you quarters to stay. You have to find your own accommodation. Rent in this city is high. Your living expenses would shoot up. There is another problem… You were sharing the rental expenses with your wife, back in your city. Now she has to pay the rent alone. Worse…You would have to pay the rent for your accommodation in another city, if you take up the job offer. Higher pay and a higher expense is what you get. What about emotions? You would have to stay far from your wife and children. Is the new job worth all this? While choosing a job offer, a higher pay is not the only thing you look for. Higher expenses might make the higher pay useless. You have to consider the cost of leaving your present job vs the benefits of picking up the new job offer. Your new job offer does not seem too wonderful, does it?
Your present job offers you health insurance. You and your family are covered under the health insurance plan. You do not have to pay any premium to insure your health and that of your spouse and family. Your parents are also covered under the health insurance plan. Your new Company bears only your and family’s medical expenses. Your parents are not covered under the health plan. Your parents are senior citizens. It is tough to get a health insurance plan for senior citizens, especially if they suffer from diabetes, heart problems and other diseases. Your current job is very convenient, as your parents even though they suffer from heart ailments, are reimbursed for medical expenses. If you pick up the new job offer, you would have to avail a health insurance plan for your parents. Your parents suffer from heart ailments and it might be difficult to get health insurance for them. The premium for health insurance for senior citizens could be very expensive. Imagine if you have to pay a premium for the health insurance for your parents yourself?
Will your financial goals be compromised in case you change your job? The team of wealth doctors at IndianMoney.com is always there to help and guide you. You can explore this unique Free Advisory Service just by giving a missed call on 022 6181 6111. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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