Am I investing in right mutual funds?

I am 29 years old. I am investing Rs 9,500 p.m. in the following mutual fund schemes through SIP:

L&T Midcap Fund Growth - Rs 1,500
L&T India Value Fund Growth - Rs 2,500
L&T Infrastructure Fund Direct Growth - Rs 2,500
Birla Sun Life Midcap Direct Fund Growth - Rs 1,500
Baroda Pioneer ELSS 96 Direct Dividend - Rs 1,500

I am also planning to invest Rs 65,000 in tax saving funds soon. Please suggest good schemes.
My investment horizon is 5-7 years. I am a government employee. Can you tell me whether these fund are good? Also suggest if any change is needed.
--Vishal Kamble

Suresh Sadagopan, Founder, Ladder7 Financial Advisories, responds:

Here are the two schemes for SIP - Mirae Asset India Equity Fund and Franklin Prima Fund. You may split the monthly investments between the two.

You could invest the Rs 65,000 in Aditya Birla Tax Relief 96 for your tax saving.


Since you are just 29, I suggest you to consider keeping the investments for a longer tenure to enjoy the benefit of compounding.