A Reddit post from a 34-year-old asked if a family earning ₹3.2 lakh monthly could buy a ₹2.4 crore apartment in Bengaluru. It ignited talks on home loans, budgets, and soaring real estate costs there.
The user eyes an under-construction flat at ₹2.4 crore with a linked loan plan. He plans a 10% down payment of ₹20-25 lakh. The loan would hit about ₹1.8 crore. He can add ₹30-40 lakh from savings as it builds. His CIBIL score sits at 795. He expects rates of 7.65-7.75%.
Both spouses work. He has a steady remote job at a product firm with no layoffs. She joins a top service MNC. Their take-home pay totals ₹3.2 lakh monthly, sans bonuses. His variable hits 130% of 15%. Hers adds ₹1 lakh yearly. That lifts effective income to ₹3.7 lakh a month.
Many Redditors called the numbers tight. One said the pair can’t swing it stress-free. It works only if they cash big fixed deposits to cut the loan.
Folks noted FDs lose value to inflation. Better to pay down principal early.
Buyers often miss extra fees, users warned. One estimated ₹50 lakh more at handover for stamp duty and fittings. They urged a smaller home or cheaper spot. The site’s perks seem slim with remote work or Electronic City jobs.
Also Read: Hidden costs of home buying: What you need to know before you sign on the dotted line.
Some buyers saw hope with smart steps and long loans. EMI takes 40% of income, but tweaks make it doable. A recent buyer in that range said it boils to easing into debt. No guarantees exist. Homes mark big life steps.
Pick a 30-year loan first for low EMIs. Keep cash for rent and setups. Prepay hard post-possession. Banks check facts better than forums. If they greenlight it, you can manage.
Carve out ₹40-50 lakh for surprises, fees, and decor. Dump bonuses and maturing FDs on principal pre-handover.
Think big picture, others pressed. EMI plus bills eat 70% of pay. Little left for kids’ school, old age, trips, or health scares.
Also Read: Can you afford that ₹4 crore+ luxury apartment after retirement? High-end living isn’t always easy on the wallet.
Expert Suresh Sadagopan urged deep checks beyond pay and EMIs for luxury buys. Start with life plans and steady habits. Ask about kids now or soon, and staying put long-term. Homes lock in lifestyle as much as cash. They cut options.
With ₹1.5 lakh living costs, ₹2.3-2.5 lakh stays for savings, cover, fun, and loans. Factor insurance, buffers, and needs. Real loan power shrinks fast.
For a ₹1.5 crore loan, stash another ₹1.5 crore safe. Balance assets against debts.
It turns risky if one quits for kids or such. EMIs lock you in. Plan to cover solo for years if needed. True affordability fits goals and life amid debt, not just bank nods.