Despite earning a high monthly salary of ₹3.2 lakh and having ₹70 lakh ready for a down payment, one Bengaluru professional has publicly sought advice, admitting he lacks the confidence to finalise a massive property purchase. The techie shared a deep apprehension about buying a ₹2.2 crore house because he has never before had a major EMI obligation. His candid request for an external perspective has prompted varied responses.
“Independent house in North Bangalore with G+2 (G-1bhk & Parking, 1st & 2nd floor - 3bhk). I've negotiated the property for 1.95cr. So, including registration and everything it will come out to be 2.2cr,” the techie wrote.
How much does he earn?
In the following lines, he drew a clear picture of his earnings and how much EMI he can afford for the house.
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“I make monthly 3.2 lakhs. Expenses: 50k. I can make down payment of 70 lakhs which means I'll need home loan for remaining 1.5cr which will come out to be ~1.25 lakhs emi per month,” he wrote, adding, “If I take this house, I'll occupy 1st floor, and give the other two house for rent which might fetch 40-45k.” He further posted that his salary will see an increase of 10% every six months, making it easier to pay the EMI.
Expressing his apprehension about the purchase, he shared, “My reason for contemplating this is that I never had any major commitments in terms of emi before so I'm a little apprehensive. On the other hand, I'm badly in need of my own house.” He asked Reddit users if he could safely proceed with the property purchase.
{{/usCountry}}Expressing his apprehension about the purchase, he shared, “My reason for contemplating this is that I never had any major commitments in terms of emi before so I'm a little apprehensive. On the other hand, I'm badly in need of my own house.” He asked Reddit users if he could safely proceed with the property purchase.
{{/usCountry}}How did social media react?
An individual wrote, “No, you should not buy the house. Please send me the details so that I can proceed with the purchase of the house. (just kidding). Is it a 30*40 or 20*30 plot? I think the price is right to buy the house. Your salary vs rent vs EMIs also fit well to afford. Instead of spending ₹ 1.5 crore on one apartment, this makes much more financial sense. On paper, everything looks good. What needs to be checked is khata, proximity from the metro or main road, Kaveri etc.” The OP responded, “If I don't buy the house. I'll sure send you the details. I even felt that spending 1.5cr on an apartment is not very satisfying. The metro is coming up close within a 2km range, and the house is also very close to the main road. We can get all groceries, schools, and hospitals within walking distance. Kaveri connection is already taken up by the builder. He said that he paid around 1.5 lakhs to get the connection with all the paperwork. Katha is B & E katha. The builder said that he's looking to get it converted into A katha but it might cost additional 2.5 lakhs which depends on the buyer.”
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Another asked, “How old are you? How many dependents do you have?” The techie replied, “31 years. I've a new born. My wife is working and earns 25k. Mom is kind of a homemaker, and the younger brother helps out with expenses a little.” While answering one of the questions from a Reddit user, the OP clarified that he works as a software architect.
(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.)