Need advice on wether to buy property or rent

Hello everyone,

First post here (and 3rd in whole of reddit) so ki dly bear with me.

I need advice on if it is a correct financial situation to buy a resale apartment in Bangalore for our family (32M, 32F).

Our Financial Situation -

- Monthly takehome salary as a couple ~ 1.97 Lakh

- I work in a Foreign bank GCC in Bangalore

- I rent a 2 BHK @ 23,500

- My monthly travel expenses between BLR and CCU is about 6k ~ 8k

- My wife started working for Central Government from Sept 2024 in Kolkata and is currently in training, Her salary should increase by next year

- Our plan is for my wife to shift to Bangalore in due course

- We have two Liabilities -

1. My Education loan for MBA ( ~ 10 Lakh remaining at 7% P.A, emi 16,300)

2. Our second hand car loan ( ~ 2.5 lakh remaining at 10.99% P.A, emi 7,200)

- We have investments of about 12 Lakhs (Stocks, MFs, bonds, FDs), retirals not included

- Our Parents are stable and they have their respective apartments in Kolkata

- We expect our investments/savings to increase to about ~ 20 Lakh by year end.

Our Plan is to buy a resale apartment next year early in Bangalore. We intend to stay in this apartment. Our budget is about 70 lakhs. We are grounded in reality and do understand that with this budget we will not be able to afford anything in a society. So we are opting for a standalone apartment in a relatively good locality.

For this, we plan on paying 20% of total amount + Government charges and rest take a loan.

My questions -

1. Is it a good decision? if not, why not

2. Is the amount 70 lakh an Ok amount? Or is it too much or too less?

Thank you.