Buying a house is often seen as a big milestone for families, but when the numbers don’t 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.
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.
The issue lies in how the new house purchase is being structured. He wrote, “Now 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.”
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.
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.
“If we are able to sell our property in time, we can manage but if not, I might need to take a personal loan,” he wrote, pointing to the lack of clarity on how things will play out.
He also raised a question about the loan structure, asking, “The loan that the bank is giving to my father is the home loan. Is there a way to take two home loans on the same property..?”
Some users suggested thinking long-term instead of focusing only on the current burden. One of them said, “Don'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.”
Others pointed out practical aspects, especially related to the father’s age and loan eligibility. A user noted, “Check 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.”
Another comment added a more balanced view, suggesting temporary solutions while being mindful of repayment: “Just make sure you’re comfortable handling the extra EMI and risk.”
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.
The issue lies in how the new house purchase is being structured. He wrote, “Now 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.”
Funding gap creates pressure
Even 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, “My father is asking me to take 30L personal loan and the rest will be his savings.”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.
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.
“If we are able to sell our property in time, we can manage but if not, I might need to take a personal loan,” he wrote, pointing to the lack of clarity on how things will play out.
He also raised a question about the loan structure, asking, “The loan that the bank is giving to my father is the home loan. Is there a way to take two home loans on the same property..?”
Reddit users weigh in
The post received a mix of responses, with many advising against taking a personal loan. One user wrote, “Why personal and why not home loan ?” Another comment was more direct: “Take HOME LOAN, not a personal loan.”Some users suggested thinking long-term instead of focusing only on the current burden. One of them said, “Don'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.”
Mixed advice on risk and strategy
At the same time, there were warnings about taking on too much debt. One comment clearly stated, “No personal loan period!! That too not 30lak.”Others pointed out practical aspects, especially related to the father’s age and loan eligibility. A user noted, “Check 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.”
Another comment added a more balanced view, suggesting temporary solutions while being mindful of repayment: “Just make sure you’re comfortable handling the extra EMI and risk.”
