A Reddit user has sparked a discussion online after seeking advice on whether he and his wife can afford a Rs 1.2 crore apartment on a combined monthly take-home salary of Rs 1.2 lakh, especially as they plan to have a child.
The 30-year-old man said the couple currently spends around Rs 60,000 a month on rent and their existing land loan EMI. They save approximately Rs 20,000 monthly and have around Rs 10 lakh in savings.
The couple plans to sell their land for Rs 50 lakh and use around Rs 30 lakh towards the apartment's down payment. This would leave them with a home loan of approximately Rs 90 lakh, with a targeted EMI of Rs 60,000-70,000 per month.
However, the man said he was concerned about additional expenses, including registration charges, interiors, maintenance, medical bills and childcare. He also raised the possibility of reduced income during maternity or paternity leave.
One of the highly upvoted comments cautioned the couple against proceeding with the purchase before their income increases.