The Economic Times

Bengaluru CA says buying a Rs 1 crore home without Rs 1.93 lakh monthly salary is a financial trap

Bengaluru CA Meenal Goel warned that buying a home without proper financial planning can turn into a burden. She explained the 20-30-40 rule, suggesting a 20-year loan, an EMI within 30% of income and a 40% down payment. According to her calculations, a Rs 1 crore home requires around Rs 1.93 lakh monthly salary and Rs 40 lakh savings. She said a house should become an asset, not consume an individual's entire financial life.