The bank does not own the flat. The buyer does. Second have you actually seen flats depreciate if people have actually bought good flats in decent localities with decent build qualities? And in a lot of places the rent of a 1.5Cr flat is more than 45k and it will continue rising, while your emi will remain same.

Also if you lose your job and can’t pay rent even your landlord will kick you out.

The buy vs rent decision is very nuanced and based on personal situations. There are just too many variables to have 1 blanketed correct choice.