Bengaluru Techie Unsure About Buying ₹2.2 Crore Home Despite High Salary
A Bengaluru tech professional earning a hefty ₹3.2 lakh per month has publicly shared his dilemma over purchasing a ₹2.2 crore house. Despite having ₹70 lakh ready for a down payment, he admits feeling nervous about taking on a large home loan for the first time.
The candid admission sparked a lively discussion online as social media users offered their opinions and advice.
The Property and Finances
The techie shared details about the property on Reddit. It is an independent house in North Bengaluru with a G+2 layout — one BHK on the ground floor with parking, and a 3 BHK on the first and second floors. He negotiated the property for ₹1.95 crore, with total costs including registration and other fees coming to ₹2.2 crore.
He broke down his financials clearly:
- Monthly income: ₹3.2 lakh
- Monthly expenses: ₹50,000
- Down payment available: ₹70 lakh
- Loan required: ₹1.5 crore
- Expected EMI: ~₹1.25 lakh
He also plans to occupy the first floor and rent out the other two floors for ₹40,000–45,000 per month, and expects a 10% salary hike every six months, making the EMIs more manageable.
Why He’s Hesitant
The techie explained his apprehension to Reddit:
“I’ve never had a major EMI commitment before, so I’m a little apprehensive. On the other hand, I badly need my own house.”
He asked the online community for advice on whether it was financially safe to proceed with the purchase.
Social Media Reactions
Reddit users shared mixed reactions:
- One commented humorously: “No, you should not buy the house…just kidding. On paper, everything seems fine. Your salary, potential rent, and EMI are manageable. Just check khata, connectivity to metro, and essential amenities.”
- The techie replied, confirming the property is near a metro (within 2 km), close to main roads, and has nearby schools, hospitals, and grocery stores. He also mentioned the Kaveri water connection is included, and the builder is attempting to convert the B & E khata to A khata, which might cost an extra ₹2.5 lakh.
Another user asked about his personal situation:
- Age: 31
- Dependents: A newborn child, wife earning ₹25,000 per month, mother is a homemaker, and a younger brother helps with expenses
- Profession: Software architect
Takeaways
- High salary alone doesn’t remove financial apprehension when taking on a large loan.
- Renting out parts of the property can help offset EMI costs.
- Location, amenities, and legal formalities like khata status are crucial to check before finalizing.
- Engaging with a community for advice can provide clarity and alternative perspectives.
