CA reveals how cost of buying a house skyrocketed over decades, Internet has a lot to say
While a few agreed with the CA’s post, others questioned the need to take out a home loan when people have good salary packages.
P V Subramanyam, a Chartered Accountant (CA) by profession, recently shared how buying houses has changed over the decades. He talked about the home loans taken by three generations - one in 1966, the other in 1981 and the third one in 2023. Alongside, he also shared the salaries of those who took these home loans. While a few agreed with his post, saying that they made “similar purchases”, others questioned why anyone would need to take out a loan to buy a house when they earn a good amount of money.
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“My father took a huge loan of ₹28000 to buy a house in 1966. I took a huge loan of ₹2,50,000 in 1981 to buy a house,” wrote Subramanyam on X.
He added that his nephew took a home loan of ₹2.6 crores in 2023 to buy a house.
In the next few lines, he also shared the salaries of his dad, himself and his nephew for reference. “Salaries were ₹48000 for my dad, ₹200,000 for me and ₹1.24 crores for my nephew.”
Take a look at the post here:
The post was shared two days ago on X. Since being shared, it has received over 6.3 lakh views and the numbers are still increasing. Additionally, the post has received numerous likes and comments from netizens.
Check out how people reacted to the post here:
“Very well said. Our family went through similar purchases,” posted an individual.
Another added, “Your father borrowed less than his annual salary, you a little more than and nephew twice his annual salary.
“Interesting to see if tier 2 & 3 towns follow this pattern or if it is unique to Bangalore/metros,” expressed a third.
A fourth wrote, “With that kind of salary, why would one even need to take a loan?”
“Your dad was the wisest to limit the loan amount to less than a year’s salary,” shared a fifth.