Be aware of the EMI burdenAfter the advent of Covid, one does hear horror stories of people who have either lost their jobs or have salaries that have not increased. And in some cases, where the wife is a private school teacher, she is still in the job, but her salary has been not paid at all. Many hundreds of teachers have been tasked with the online classes in many cases, but the salaries are just 40% of the original.
Never ever believe that salaries will automatically increase and hence one can afford the high EMI. It just does not happen. In Chennai and Bangalore, those who had borrowed close to one crore, and had EMIs of around 88000 to contend with, are now in deep trouble. They have very little money to spend on other essential needs. All this for being holed up in a 2000 square foot flat in a posh locality in a gated community. Even when one lives there, there is also a big maintenance cost that never comes cheap. Many are realizing their folly and want to sell. No takers.