The Economic Times

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

A 30-year-old man earning Rs 20 lakh per year shared his dilemma online after his father planned to buy a Rs 1.6 crore house ahead of retirement. While the father will receive around Rs 1 crore in retirement benefits and a monthly pension, the deal requires arranging a large upfront amount, leaving a Rs 60 lakh gap. The father plans to use Rs 30 lakh from savings and has asked his son to take a Rs 30 lakh personal loan.