{"id":401093,"date":"2026-04-20T03:34:13","date_gmt":"2026-04-20T03:34:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/401093\/"},"modified":"2026-04-20T03:34:13","modified_gmt":"2026-04-20T03:34:13","slug":"he-earns-rs-20-lpa-but-father-wants-new-house-worth-rs-1-6-crore-30-year-old-stuck-in-loan-vs-savings-dilemma-seeks-advice","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/401093\/","title":{"rendered":"He earns Rs 20 LPA, but father wants new house worth Rs 1.6 crore. 30-year-old stuck in loan vs savings dilemma seeks advice"},"content":{"rendered":"

Buying a house is often seen as a big milestone for families, but when the numbers don\u2019t quite line up, it can turn into a stressful financial decision. Questions around loans, savings, and timing start to matter more, especially when retirement is close. One such case has come up on Reddit, where a working professional shared his dilemma about funding an expensive home purchase that his father is keen on.<\/p>\n

In his post, the 30-year-old said he earns around Rs 20 lakh per year, while his father, a central government employee, is set to retire next year. The father is expected to receive a full and final settlement of about Rs 1 crore, along with a monthly pension of roughly Rs 1 lakh. The family already owns a property valued at around Rs 60 lakh.<\/p>\n

The issue lies in how the new house purchase is being structured. He wrote, \u201cNow the catch is that we have to give around 85L in cash and that too in the coming month. The bank will give a 75L loan and 25L for renovation.\u201d
Funding gap creates pressureEven after accounting for the loan and available funds, there is still a shortfall. The man explained that about Rs 60 lakh is yet to be arranged. According to him, \u201cMy father is asking me to take 30L personal loan<\/a> and the rest will be his savings.\u201d<\/p>\n

This is where his concern comes in. Taking a personal loan of that size would mean additional EMI burden, and he is unsure if it is the right step.<\/p>\n

The family is also planning to sell their existing house, which could ease the situation. But the timing is uncertain, and that is adding to the pressure.
\u201cIf we are able to sell our property in time, we can manage but if not, I might need to take a personal loan,\u201d he wrote, pointing to the lack of clarity on how things will play out.He also raised a question about the loan structure, asking, \u201cThe loan that the bank is giving to my father is the home loan<\/a>. Is there a way to take two home loans on the same property..?\u201dReddit users weigh inThe post received a mix of responses, with many advising against taking a personal loan. One user wrote, \u201cWhy personal and why not home loan ?\u201d Another comment was more direct: \u201cTake HOME LOAN, not a personal loan.\u201d<\/p>\n

Some users suggested thinking long-term instead of focusing only on the current burden. One of them said, \u201cDon’t sell that house. It’s better to take a home loan or whatever loan is possible you know the rupee value is falling and inflation is racing so fast and just after 5-10 years the loan amount wouldn’t be a burden, it will feel manageable, and at last you have two houses, that’s assets with increased rates.\u201d<\/p>\n

Mixed advice on risk and strategyAt the same time, there were warnings about taking on too much debt. One comment clearly stated, \u201cNo personal loan period!! That too not 30lak.\u201d<\/p>\n

Others pointed out practical aspects, especially related to the father\u2019s age and loan eligibility. A user noted, \u201cCheck again, as the bank may have certain conditions for giving a home loan to a senior citizen (your dad). You can add on as a co-owner and co-borrower or as a guarantor (not recommended) to the loan to increase eligibility and the loan amount.\u201d<\/p>\n

Another comment added a more balanced view, suggesting temporary solutions while being mindful of repayment: \u201cJust make sure you\u2019re comfortable handling the extra EMI and risk.\u201d<\/p>\n

Add \"ET as a Reliable and Trusted News Source<\/p>\n","protected":false},"excerpt":{"rendered":"Buying a house is often seen as a big milestone for families, but when the numbers don\u2019t quite…\n","protected":false},"author":2,"featured_media":401094,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[114,268,287,189883,36247,85,46,14521,266,189884,267,16641,4861],"class_list":{"0":"post-401093","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-financial-planning","11":"tag-home-buying","12":"tag-home-loan","13":"tag-il","14":"tag-israel","15":"tag-money-management","16":"tag-personal-finance","17":"tag-personal-loan","18":"tag-personalfinance","19":"tag-property-investment","20":"tag-real-estate"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/401093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=401093"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/401093\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/401094"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=401093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=401093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=401093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}