24-Year-Old Earning Rs 1 Lakh Debates Buying a Rs 90 Lakh Home Amid Parental Pressure
Buying a house early in life has long been seen as a milestone in many Indian families, almost like a sign that things are “settled.” But with rising property prices, uncertain job markets, and changing financial priorities among younger professionals, that idea is increasingly being questioned. A recent Reddit post has brought this exact conflict into focus, where a 24-year-old shared how he is being pushed to take on a massive home loan despite his hesitation.
The user explained that while his income is steady, the idea of taking on a large home loan so early feels risky. He pointed out that EMIs would consume a major portion of his salary, limiting flexibility at a stage when his career is still evolving.
“I’m 24M, currently earning around ₹1L/month take-home. My parents are pushing me to buy a flat, where even a 1 BHK in my city costs around ₹80–90 lakhs,” he wrote.
He added that he has already started financial planning in a modest way, mentioning, “Doing SIP of ₹20K/month. Gradually accumulating gold (planning to use it later for down payment).” For now, his approach is simple and maybe cautious, build savings first, avoid locking himself into long-term debt too soon. “I’m more inclined towards building a stronger financial base first instead of rushing into a home loan,” he said, asking if he was overthinking the situation.
Strong warnings: ‘Don’t fall into the EMI trap’
A large section of users advised against rushing into property purchases, especially given job market uncertainty. One commenter, identifying as a financial planner, responded bluntly: “Do not get into the EMI Trap so soon.” He went on to share a personal experience involving a stalled real estate project and ongoing loan repayments, saying, “Took a loan, EMI is still ongoing, waste of hard-earned money Rs 70 lacs down the drain.”
The same user also pointed to broader risks, writing, “Current situation is very bad, many industries have started cutting down employees… many have stopped [paying EMIs].” Another user echoed similar fears in simpler terms: “I am telling by my personal experience… bro best of luck and don't take loan. Save your money, invest on yourself and be ready for the condition, what if you get laid off tomorrow.”
For some, the concern was not just financial but also about lifestyle pressure. One person wrote, “The main thing for me is I want peace, I do not want to have EMIs paying for the rest of my life.”
A different view: Property as security
Not everyone agreed with the caution-heavy advice. Some users argued that owning property still carries emotional and financial value, especially in India. “I am 30 - had I been in your place, I would have bought it. Maths and playing ‘excel-excel’ doesn’t equate the security of having a piece of land in any form on your name,” one comment read.
Another suggested a balanced approach instead of outright rejection: “Take a middle path. Ask parents to put in at least 50% cost of the flat and you do the remaining… The EMI becomes very easy after about five years.” There were also practical considerations raised about job stability and long-term plans. One user advised that the decision should depend on whether the individual sees himself working in the same city for decades.
What stands out in the discussion is not just the financial math, but the timing. Many pointed out that taking on a ₹80–90 lakh loan with a ₹1 lakh salary could tie someone down for 15–20 years, limiting career moves, risk-taking, or even relocation. Others, however, argued that waiting too long might make property unaffordable later.
In the end, the thread did not land on a clear answer. Instead, it reflected a familiar tension between parental expectations and individual financial comfort, between long-term assets and short-term flexibility. For young earners today, the question seems less about whether to buy a home and more about when.
Comments advised young earners to focus on building multiple streams of income before taking on large debts. This could include investments in mutual funds, gold, or small-scale real estate options that don’t immediately require heavy EMIs. Some of them also suggested creating an emergency fund that can cover at least six to twelve months of expenses, which provides a safety net in case of sudden job changes or unexpected costs. By strengthening their financial foundation first, individuals are better positioned to make bigger decisions like buying a house without feeling trapped or overly stressed.
