Hey guys,
Thanks for all the answers so far. As long as I don't have to buy another phone, I'm good. However, I'm also disappointed that losing the motherboard would mean losing all the data that's on the built-in drive. Fortunately, I've always had the photos backup on on Google and thank God for small mercies, it saves the day! I'll take it to the service center this week to confirm if it's indeed just the motherboard or anything else before going for a replacement. I hope it's not as expensive as the phone itself!
@bouchard, I used dry, white Indian rice. I wrapped the phone lightly in soft tissue and buried it in the rice and left it for about 48 hours. I did clean the visible parts with Isopropyl, however, did not necessarily dip the board or any of the components in the solution as I'm not too confident about doing this.