I'll just say what everyone's thinking but is too polite to voice.
1. The moment you land that 15 LPA or 20 LPA package, what's the first thing you do? You rush to the bank for a home loan and a Creta/Seltos EMI.
Congrats, now you can't quit that toxic manager or take a risk on a startup, because if one paycheck goes missing, your whole house of cards collapses.
2. When you have a massive EMI hanging over your head, you lose your spine. You turn into a YES‑SIR person, never push back on bad tech decisions, never innovate, and say yes to every weekend shift because you're scared of a layoff.
Leadership doesn't promote YES‑SIR; they promote people with confidence to take risks. They see your desperation and use it to keep you exactly where you are. You're not stable, you're stagnant.
3. While the rest of the world builds wealth in crypto, equity, or real liquid assets, you're stuck paying 8.5 % interest on a depreciating car and apartment.
You chose this. You traded career growth and dignity for a fancy steering wheel and a luxury apartment gate.
Change my mind.
So at what salary should we buy a car?
I agree with everything except the home‑buying part. If my dad hadn't taken a home loan 20 years ago, it would be almost impossible for me to buy a house today.
Bhai, then how will the house look? In my family nobody has built a house, everyone lives on rent.
Agree with you completely.
Well, from an economic standpoint your assessment is spot on. But decisions aren't always pure logic; emotions play a huge role. How someone manages money isn't just an objective matter.
One argument could be – why wait? You've got a job you're fairly confident about. You want to live a certain way. Own that car you've always wanted. Imagine taking your parents on a long drive. The real mistake is biting off more than you can chew. EMIs aren't inherently bad. You should plan, assess, and if something is beyond your limits, skip it. The problem is EMIs can blur that judgement.
But EMIs can also be a good way to step up. Take buying an apartment. Purely financially you're losing money, that's how the system works. What else can you do? Bet everything on maybe making it big and paying cash later? Real‑estate prices keep climbing every year, who knows how long it'll take. If you have the means now, go for it.
Owning a home is more than profit and loss. It's security and ownership. It's yours. You don't have to worry about vacating on short notice. Once you start settling, have kids going to school, a job you like, neighbours and friends, moving becomes a hassle. Some people prefer stability and use money to keep things unchanged. It's a gamble – you might lose your job and miss EMIs – but they're willing to take that risk.
I don't buy the idea of stagnation. People can always switch jobs eventually. Not buying what you want is often fear of layoffs, not anything else. Why limit your life?
Yeah, that's not how it works, buddy. EMI or no EMI, if you're not confident things won't change. You can be frugal and clueless and live the same life.
Smart EMI is the only way for a lifestyle upgrade.
Please don't make decisions just because influencers or fin‑fluencers say so.
If you have a good CIBIL score, you can get a home loan at as low as 7.1 % (I'm currently paying 7.15 %). What cheaper source of funds can you find? If you have a comfortable portfolio, there's nothing wrong with taking a loan and starting an EMI. When used wisely, debt can be a good tool to grow your wealth.
Why write such a long post!?
Just follow two simple rules, everything else is extra.
1) Take loans for assets where the appreciation rate exceeds the interest rate.
2) Pay for liabilities from your savings. Liabilities are things or experiences bought for convenience and enjoyment.
Bro, the whole world flourished once banks started giving credit. Business income multiplied, personal happiness increased. Just because some people fall into an EMI trap doesn't mean it's bad. If you look at the overall data, it's definitely positive.
Yeah, you're right, OP. I don't know about others, but I'll never get into this EMI trap. I won't buy a home, car or anything on loan. I'll live on rent, use public transport, and never burden myself.