Bengaluru techie loses job after buying Rs 1.3 crore flat, faces EMI burden
Bengaluru: Buying a house is often considered a major achievement, but for one family in Bengaluru, it has turned into a financial challenge. A social media post on X by a user named Wealth Whisperer has started a debate on whether owning a home in big cities is worth the risk compared to renting.
In her post, she shared the story of her cousin’s husband, who bought a flat worth Rs 1.3 crore a few years ago. He paid Rs 50 lakh as down payment and took a loan with an EMI of Rs 78,000 per month. The family managed the payments until he recently lost his job at an MNC. She wrote that she advised him to sell the flat and make a fresh start.
The post drew several responses. One user compared it with his own experience, saying he bought a flat for Rs 65 lakh in 2020 with a Rs 20 lakh down payment and Rs 45 lakh loan. His EMI was about Rs 40,000, but he said the property’s value had risen to Rs 1.5 crore and could fetch a rent of Rs 55,000. At one stage, he rented it out and used the income to repay part of the loan, and now feels confident about clearing the balance using his provident fund.
Others joined the discussion on whether it makes sense to buy expensive flats or continue renting. Wealth Whisperer replied that the decision depends on a person’s savings and the rent they might otherwise pay.
Some people also shared their views on financial planning. One said he avoids loans by making full payments upfront. Another pointed out that job security is uncertain in the private sector, making heavy debt risky. In response, Wealth Whisperer argued that since most Indians work in private jobs, many will want to buy homes, but the key is to carefully assess risks before taking on large loans.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Constitution Amendment Bill to tweak women quota law defeated in Lok Sabha
_vb_18.jpeg)
New Delhi: Constitution Amendment Bill to tweak women quota law defeated in Lok Sabha after division of votes.
_vb_38.jpeg)
