Which is better?

Hometown >>>>>

Buddy, you won’t realize this right now. Ability to stay at your home in the hometown, for a little pay difference is a big deal.

Pros: Staying close to your parents, family friends, Slow paced life, tons of ways to have fun.

Financially speaking, An 8L difference isn’t really much, considering:

1. Minimum ~5L/annum: Additional base cost of living in BLR (2 bhk+basic at least)
2. ~2.7L: Additional taxes.
3. ~60k: Cost of bi-quarterly travel (30k x 2 easily)
4. ~60k: Commute to the office (also, traffic ?) Assuming ~ 4-5k/month.
5. I could go on…. There will be more costs.

If the work looks good, with enough opportunities for your future to learn earn and grow, stay at your hometown!

Money wise hometown but do note that Bangalore will definitely offer more opportunities to learn and grow via like minded people and networks. Often the company we keep and environment around us influences our thoughts and ambition. Tier 2 hometown might have an impact in that.
Not trying to discourage- there are obviously many pros of staying in your hometown but just trying to show both sides.

Bangalore is an overrated dump; It's basically an over-expensive Tier-2 city. Stay in your hometown, the 32L there is worth much more than 40L in BLR.

Depends on your priorities. If you want to spend time with family back hometown and be far away from metropolitan culture, choose the second. But if you want to be more focused on work and grow up the ladder, go with the first option as the difference in fixed component is huge and will compound in your next job change too.