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Bengaluru man rethinks buying first home amid layoff fears: ‘30-year EMI means more risk’
A Bengaluru man worried about layoffs and a 30-year EMI while rethinking his first home purchase.
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A Bengaluru man has sparked a discussion online after sharing his concerns about buying his first home amid recent layoffs in the job market.
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Taking to Reddit, the man said he had been thinking of purchasing a house, but the uncertainty around employment had made him reconsider the decision. He said he was now thinking of continuing to live on rent in Bengaluru and instead buying a property in his hometown, where real estate is much cheaper.
“I was thinking of buying my first home but with the recent layoffs I'm really worried, thinking of continuing on rental and buying a property in hometown which is way cheaper. Anyone else in a similar condition?” he wrote.
The Reddit user also mentioned that his friend had been trying to sell his flat in Electronic City but was unable to find buyers. He added that the thought of committing to a long term home loan had made him anxious.
(Also read: ' ₹36,000 just to exist in the flat’: Bengaluru woman shares what it costs to live alone in a 1BHK in HSR)
“My friend has been trying to sell his flat in electronic city but unable to find buyers. I'm really worried a 30 year EMI would mean more risk in case I lose my job?” he added.
Take a look here at the post:
The post was shared with the title, “Concern over layoffs”, and soon drew reactions from users who said the concern was understandable, especially for people working in the IT sector.
Reddit users share advice
One user said being careful while making such a major financial decision was not wrong. “Being in your late 20s, I don't think there's anything wrong with being cautious. Personally, I'd rather adjust my budget, choose a different location, or even wait a little longer than take on an EMI that could become a burden if something unexpected happens. A home should provide stability and peace of mind, not add stress,” the user wrote.
Another person said the fear was common among many first time homebuyers in Bengaluru, particularly those working in IT. “The concern you have is genuine, and most of us go through the same uncertainty. Every individual working in the IT field who plans to buy their first home in Bengaluru faces this dilemma: if we buy a home with a loan, will we continue to have a job and be able to pay the EMI along with future expenses? And if we don’t buy now, will we be able to afford it later?” the user said.
A third user advised against taking a large EMI too early and suggested building investments and liquidity first. “It's better to avoid taking on large EMIs and instead invest heavily across different asset classes. Once you take a loan, a significant part of your income goes towards repayments for years. If you lose your job, no one is going to pay those EMIs for you. On the other hand, if you maintain sufficient liquidity and build your investments steadily, you can always buy a home later when you're in a stronger financial position,” the comment read.
(Also read: ' ₹40,000 rent, ₹2.4 lakh deposit': Bengaluru flat hunt fuels debate on security deposits)
However, one user said buying could still make sense if the person planned to stay in Bengaluru for the long term. “If you are planning to stay in Bengaluru for the long term, buying a home can be a better option. In your hometown, you may not get a good rental return, and dealing with tenants can become a headache. I would suggest keeping at least 6 to 7 months of EMI as an emergency fund so you have some breathing space. This anxiety will always be there, so it is better to keep your backup ready and go for it. Staying on rent looks good only on paper and in YouTube videos, but in the next 10 years, Bengaluru rents may skyrocket, and you might regret not buying a home when you had the chance,” the user wrote.
(Disclaimer: This report is based on user-generated content from social media. HT.com has not independently verified the claims and does not endorse them.)
