News: Mumbai Couple Earning Rs 3.5 Lakh Shelves Rs 1.7 Crore Flat-18-08-2026
Wridhayan Bhatt and his wife, Ankita, came close to booking a 2-BHK apartment in Mumbai’s suburbs last weekend but put the purchase on hold after working out what it would cost them each month.
The couple visited the project on August 15, when the developer quoted around Rs 1.7 crore. They offered about Rs 1.5 crore, which the developer did not accept. They have around Rs 30 lakh as equity, much of which would go on stamp duty, registration and other transaction costs, leaving a likely home loan of around Rs 1.4-1.5 crore.
At prevailing rates, that would mean an EMI of roughly Rs 1.1 lakh-Rs 1.3 lakh, or 30%-40% of their combined monthly income of Rs 3.5 lakh. Bhatt said this would commit a large part of their earnings before maintenance, utilities, insurance, transport, food and investments. They also spend around Rs 5 lakh a year on their five-year-old son’s education and activities.
By Sunday evening they had decided to wait, Bhatt said. They plan to build a larger corpus first, even though prices may rise, and want to keep the EMI within Rs 80,000. Given the global macroeconomic situation and job losses, he said, it is wiser to carry minimal credit liabilities.
On a Rs 1.5 crore loan at 7%-7.5% over 20 years, the estimated EMI is Rs 1.16 lakh-Rs 1.21 lakh, about one-third of the couple’s monthly income. Their combined annual income is around Rs 42 lakh.
Pravin Shah, a Mumbai-based real estate consultant, said home financing ultimately depends on individual goals, though market realities shape the strategy. It is increasingly common for buyers to opt for 100% financing or commit 40%, 50% or even 60% of income to EMIs, especially in dual-income households where one partner covers daily expenses and the other services the loan.
Shah cautioned that waiting to build equity may not work in a rising market, since price appreciation can offset additional savings even if interest rates fall or incomes rise. In some cases, he said, buying earlier may make more financial sense.
