There is no issue if you have an ORACLE_HOME without exact component in the path.
Your oracle_home is absolutely fine.
For upgrading to 22.214.171.124,you need to install the GRID and ORACLE_HOME in separate location and perform an out of place upgrade.
Thanks for your reply.
By "out of place" upgrade - you mean ?
See MOS 1189783.1 for an explanation
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Out of place means,you need to install the software in a different home and upgrade
As alluded to by others, starting with 11g, oracle recommends 'out of place' upgrades. Patchsets are full version installs. So if I start by installing the base of 11.2, my ORACLE_BASE will be /u01/app/oracle, my db home will be /u01/app/oracle/product/11.2.0/db_1, and my GI home will be /u01/app/oracle/product/11.2.0/grid. When I upgrade the GI to 126.96.36.199, the patchset is a full install and I will make its home /u01/app/oracle/product/188.8.131.52/grid. Likewise, the upgrade of the database will go to /u01/app/oracle/product/184.108.40.206/db_1.
You just have to watch during the installation, as the OUI will not necessarily default the upgrade locations that way. In spite of Oracle's strong recommendation for out of place upgrades, the 11.2 OUI still tries to default the upgraded locations as if you are doing an in-place upgrade.
If your initial 11g installation is an upgraded version (say 220.127.116.11) you could obviously go with the less-specific default home name for that, but you'd want to use the more-specific name for any upgrades beyond that.