A couple from Bengaluru bought a house on EMI instead of paying ₹50,000 rent. He considered rent as an expense and EMI as a wealth-building investment. Keeping in mind the future needs, he chose a 3 BHK house, which sparked debate online.
An online debate has erupted over rising rents, EMIs and long-term financial planning in big cities. The reason for this is a couple from Bengaluru, who decided to buy their house instead of paying rent. This couple was paying rent of around Rs 50,000 every month. This expense forced him to think whether it was better to live on rent or buy his own house. Later, he shared with everyone the things he thought about before finalizing his first house.
A woman named Rajni Naik shared a video on her Instagram. In this he told how he and his partner made a list of their most important things before buying a house. He told that it was very important for him to have good light and air in the house, because he had previously lived in flats in high buildings and knew how much impact these things have on everyday life. Furthermore, they compared new and old (second hand) houses. After looking at several options, they came to the conclusion that even though old houses may seem cheaper initially, new flats have better value in the long run. Also, trust in the builder also became an important factor for them.
The biggest role in his decision was the comparison of fare and EMI. He believed that paying Rs 50,000 as rent every month was not adding anything to his future. At the same time, EMI may seem a bit high and stressful in the beginning, but gradually it will make them a home owner. Keeping in mind the future needs like movement of family members and change in lifestyle, he changed his plan from 2 BHK to a compact 3 BHK.
watch viral video
What did people say on social media?
There were mixed reactions from users on this post. One user wrote, “The point about rent vs EMI is absolutely right. Moreover, in many areas in Bangalore the rent is already reaching the EMI, and in some cases even exceeding the EMI.”
Another said, “I don’t compromise on the quality and standards of my life. I shouldn’t be unhappy where I live.” Another person wrote, “It was very important for me to have a metro station near the apartment, because I cannot drive a car.”