Gurgaon: For many families, earning Rs 3 lakh a month can make homeownership seem comfortably within reach. But one Gurgaon couple chose to walk away from a Rs 2 crore flat after calculating what the purchase could do to their finances.
The Rs 1.5 lakh EMI changed everything
The couple was looking at a property that would have required an estimated monthly EMI of around Rs 1.5 lakh. That would have consumed 50 per cent of their combined monthly income of Rs 3 lakh.
While owning a premium home was attractive, the couple realised that the EMI would leave considerably less money for everyday expenses, savings, investments and unexpected financial needs.
Their decision reflects a growing concern among urban homebuyers: a high income does not automatically mean that an expensive property is financially comfortable.
A home costs more than the monthly EMI
Financial planning experts point out that buyers need to look beyond the headline EMI when deciding whether they can afford a house.
Maintenance expenses, insurance, taxes, registration and other ownership costs can add significantly to the financial burden. A large home loan can also restrict a family’s ability to build emergency savings and invest for long-term goals.
With property prices rising in major cities, buyers can easily feel pressure to purchase before prices climb further. However, the Gurgaon couple’s decision shows why affordability should be assessed against the complete household budget rather than income alone.
Saying no can also be a smart financial choice
For the couple, postponing the purchase was not about giving up on homeownership. It was about avoiding a commitment that could potentially dominate their finances for years.
The episode offers a simple lesson for prospective buyers: the house you can afford is not necessarily the house a bank is willing to finance.
A comfortable home loan should leave enough room for savings, emergencies, investments and everyday life. Sometimes, saying no to a dream property today can protect financial freedom tomorrow.