Buying a Flat Is Easy, Holding It Is the Challenge: CA Shares Pune Techie’s Story
Buying a Flat Is Easy, Holding It Is the Challenge: CA Shares Pune Techie’s Story
Real-life cases of young professionals highlight the risks of home loans during uncertain job markets.
For many young earners, buying a modern flat feels like the ultimate sign of success. With steady salaries and easy access to loans, homeownership appears within reach. But financial experts caution that maintaining such commitments during downturns can become a burden, as recent real-life stories shared online reveal.
Chartered Accountant Nitin Kaushik recently recounted the experience of his friend, a Pune-based tech professional who purchased a premium apartment in 2021 for ₹95 lakh. He paid ₹35 lakh upfront and took a loan of ₹60 lakh, locking himself into a 20-year repayment plan with an EMI of ₹52,000 at 8.5% interest. Initially, the purchase symbolized stability and achievement, but his sudden job loss overturned the dream. Today, he struggles with interviews while battling the stress of his heavy loan.
Kaushik summed it up: “Buying property is easy. Holding onto it during downturns—that’s the real challenge.” His cautionary note was echoed by another finance professional who shared her relative’s story. The family had bought a ₹1.3 crore apartment, paying ₹50 lakh down and managing ₹78,000 monthly EMIs comfortably until job loss struck. The situation forced them to sell the property and restructure their financial plans.
Not all cases turned grim. One homeowner narrated a more positive journey. He purchased a flat worth ₹65 lakh in 2020, with a ₹20 lakh down payment and EMIs of about ₹40,000. The property’s value has since doubled to ₹1.5 crore, and its rental potential of ₹55,000 helped him repay part of the loan. Confidently, he now plans to clear the balance using his provident fund savings.
Broader Discussion:
These stories triggered debate on social media about whether buying expensive flats in uncertain times is wise or if renting offers more flexibility. Some contributors argued for paying upfront in cash to avoid debt, while others stressed that loans are sustainable only with stable employment.
Finance influencer “Wealth Whisperer” highlighted that more than 90% of Indians work in the private sector, where job security is not guaranteed, yet the dream of homeownership remains strong. According to her, the key lies not in avoiding property altogether, but in weighing risks carefully before committing to large loans.
