4% thumb rule.

If the total rent paid annually is less than 4% of the total value of the house then go for rent else buying House is beneficial.

For example, the total cost of the house is 100 Lac and rent paid monthly is 20,000 and 2.4 Lac manually.

Then (2.4 Lac/100 Lac)*100 % = 2.4%

This is less than 4% so going for the rental option is good in this case. But buying house give you safety, security etc.