(MENAFN- Live Mint) A Bengaluru man earning ₹3.7 lakh monthly, contemplating home ownership, sought advice from online community over the decision to continue staying in a rented accommodation or build long-term wealth by investing in a house. Although the 34-year-old Bengaluru man wanted to consider home ownership over the other alternative but found prices daunting in the Tier 1 city.

The caption to the post states,“Can I afford a 2Cr flat right now in Bangalore?”

According to the Bengaluru man, he holds ₹50 lakh in savings in addition to a plot in hometown worth ₹90 lakh. He had been living in the apartment with his wife that he rented for ₹30,000.

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With no other loans in his financial history, he wrote,“Ive been itching to own a home lately. But the prices are crazy and I don't see anything under 2cr which I like. 2cr also seems like a stretch to me, given the job market. I don't want to for under construction as well.”

He added,“My priority is building long term wealth. I don't want to compromise on that, but I feel a home right now will also help along in that journey. Any advice for me?”

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A user wrote,“2cr house is 65 to 70k rental house. You are staying 30k rental house. Effectively you are upgrading lifestyle 2x .”

Another user remarked,“Was in a similar boat. Combined take home was ~3.8l when we were contemplating to purchase a flat worth 2.2Cr in early 2024, but flat was in a good society under construction. Coming from small towns, the amount was crazy big. Alternatives were to purchase in non societies. But then we thought, why are we earning lol life's not just about all money and savings and home was actually where we'd spend most time of our lives and our kids would enjoy growing up and socializing so much in a society.”

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A third user stated,"I know an exact guy who was in the exact situation like above but he got laid off. He was in my team. I still check his linked in to see if he found something."

A fourth comment read,“I was always in the rent don't buy boat, as it made the most financial sense to me..but nowadays, the emotional tug to own a home is getting strong.”

A fifth user replied,“Financially you can afford it. 2cr price. 50L down payment. 1.5Cr loan = 1.5LPM EMI approx. That is less than 40% of monthly income. With rent saved, the net expense would be 1.2LPM. Well within traditional advice. So for you, it's not a financial risk at all. Don't buy under construction though. Too much risk for first home. Do build a 6 month expenses emergency fund for peace of mind. Pay the loan down aggressively by paying an extra EMI every year.”

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