Bengaluru’s real estate market has become a hot topic of debate, especially as property prices touch ₹2 crore in several prime locations. A recent online discussion among netizens highlighted the growing concerns of affordability, with many asking how much salary or income is required to buy such homes in the city. The conversation revealed that high salaries alone are not enough. Instead, factors like dual incomes, family savings, EMI planning, and financial discipline play a bigger role in homeownership.
Many shared real-life experiences that shed light on the risks and realities of this market. One user mentioned purchasing a 3BHK for ₹78 lakh two years ago and expressed disbelief at today’s ₹2 crore pricing. With a family income of ₹4 lakh per month, he admitted it was impossible to consider such a purchase. Another buyer earning ₹3 lakh monthly spoke of struggling with EMIs for a ₹90 lakh flat, warning that repayment over 20 years can be mentally exhausting. This reflects how rising property costs are stretching middle-class and upper-middle-class households alike.
At the same time, some argued that careful financial strategies make expensive purchases manageable. Suggestions ranged from exploring overdraft loans that reduce interest outgo, to maximizing tax benefits during repayment. Still, concerns over job security in Bengaluru’s private sector were raised repeatedly. Even high earners admitted that one bad turn in the global market could lead to layoffs, putting EMI commitments at risk. This fear has made many cautious about stretching their budgets too far.
Family contributions remain another major factor in big-ticket purchases. Several homebuyers revealed they managed to afford properties only by pooling in support from parents or siblings. For instance, a couple earning ₹15 lakh CTC each managed a ₹1.1 crore home by adding ₹20 lakh from family savings. Similarly, timing the market proved advantageous for some, with buyers who purchased during low-interest periods and received salary hikes able to repay loans faster than expected.
Another key theme was the importance of dual-income households. With both partners earning, families are able to share the burden more evenly, making EMIs less stressful. This shift reflects how women are now taking leadership roles not only in home design but also in financial planning.
Cultural attitudes also play a role in the decision to buy. Many Indians view property ownership as a symbol of long-term security and social status, preferring it over renting or spending on experiences. While EMIs may be demanding, owning a home remains the ultimate financial goal for many families in Bengaluru.
© 2023 Rera News. All rights reserved.