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A 34-year-old Reddit user’s question about whether a household earning ₹3.2 lakh per month can afford to purchase a ₹2.4 crore apartment in Bengaluru has sparked a discussion on financial planning, home loans, and rising property prices in the city.
“I’m considering purchasing an under-construction property priced around ₹2.4 crore under a development-linked loan plan. My initial contribution would be 10% ( ₹20–25 lakh), with an expected home loan of about ₹1.8 crore. I should also be able to pay an additional ₹30–40 lakh from my own savings during the construction period. My CIBIL score is 795, so I’m expecting an interest rate in the 7.65–7.75% range,” the Redditor wrote.
“Both my wife and I are employed; I work remotely for a stable product company with no layoff history, while she works for a leading service-sector MNC. Our combined post-tax monthly income is ₹3.2 lakh, excluding variable pay. With my variable (usually 130% payout on 15%) and her ₹1 lakh annual variable, our effective monthly income comes to around ₹3.7 lakh,” the user wrote.
A large group of Redditors argued that the financial math appears stretched. One user wrote that the couple “strictly can’t afford it without stress,” adding that the plan becomes workable only if they liquidate a significant portion of their fixed deposits to reduce the loan amount.
Some pointed out that saving in traditional instruments such as FDs was “burning money” and suggested shifting those funds toward reducing the principal.
Several users also highlighted that buyers often underestimate additional costs. “You will need around ₹50 lakh extra during handover for registration and interiors,” one comment said, urging the family to consider a smaller unit or a cheaper micro-market. Others questioned the choice of project location, arguing that it offered little advantage since the couple works remotely or in Electronic City.
Also Read: Hidden costs of home buying: What you need to know before you sign on the dotted line
Others say the purchase is possible with careful planning and long-term loans
Other homebuyers, however, took a more optimistic view. They noted that while the EMI would consume nearly 40 per cent of the household’s income, it is not unmanageable if the family restructures its finances. One user who recently bought in a similar bracket said the decision ultimately comes down to comfort with long-term commitment. “No one can guarantee an outcome,” the Redditor noted, adding that buying a home is an emotional milestone.
Some advised opting for a 30-year loan initially to keep the EMI low while the family is still paying rent and preparing for interior costs. One user recommended maintaining cash on hand until possession and prepaying aggressively later: “The bank does better due diligence than Reddit. If they approve the loan, they believe you can handle it.”
Several advised the buyer to set aside at least ₹40–50 lakh for emergencies, registration, and interior work, and then allocate all variable pay and maturing deposits toward reducing the principal before possession.
Several commenters encouraged the couple to think beyond the transaction and consider long-term financial goals. They pointed out that EMI plus current expenses would consume nearly 70 per cent of the household’s income, which may leave limited room for future education, retirement, travel, or medical contingencies.
Experts weigh in
Financial advisor Suresh Sadagopan said couples considering premium segment homes must evaluate more than just their earnings and EMI capacity. According to him, the decision should begin with fundamental questions about long-term priorities and lifestyle stability. “They need to look at their broader commitments, whether they have children or plan to, and whether they intend to settle in the same city for the foreseeable future,” he said. “A home purchase is as much a lifestyle commitment as it is a financial one, and it inevitably reduces flexibility.”
Sadagopan said that with monthly living costs of roughly ₹1.5 lakh, a couple may have around ₹2.3– ₹2.5 lakh available for savings, insurance, discretionary expenses, and EMIs. But once essential obligations such as life and health insurance, emergency reserves, and personal spending are accounted for, their actual loan repayment capacity becomes much tighter than it initially appears.
“If they take a ₹1.5 crore loan, they should ideally have another ₹1.5 crore parked elsewhere,” he said, stressing the need for balance between assets and liabilities.
Sadagopan cautioned that such a commitment can become risky if one partner decides to pause their career for childcare or other reasons. “Once EMIs start, options narrow down. You must be prepared to sustain that repayment for years, even if one income stops temporarily,” he said. He advised that affordability isn’t just about what the bank will lend, it’s about whether the couple can maintain their financial goals and lifestyle while carrying that debt.
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