Gurgaon couple earning Rs 3 lakh a month said no to a Rs 2 crore flat: CA explains the financial reason

A Rs 2 crore home may sound like a dream purchase for a couple earning Rs 3 lakh every month. But for one Gurgaon couple, the numbers behind the dream did not add up. They were considering the property with an estimated Rs 1.5 lakh monthly EMI, before eventually dropping the plan. Their decision has now sparked a larger conversation about home loans, rising property prices, household income and how much of a salary should realistically go towards owning a house.

Why did the Gurgaon couple reject the Rs 2 crore flat?

According to CA Nitin Kaushik, the couple was considering a Rs 2 crore flat in Gurgaon while earning a combined Rs 3 lakh per month. On paper, the property may have appeared within their purchasing capacity, but the proposed EMI changed the equation. Kaushik took to X to explain that the monthly EMI would have been around Rs 1.5 lakh. The couple ultimately decided to drop the plan. The key concern was the proportion of their income that would have gone towards the home loan. An Rs 1.5 lakh EMI would consume 50% of their monthly income.

That would leave the couple with Rs 1.5 lakh for every other expense and financial commitment.

The EMI was only one part of the calculation

The biggest issue, Kaushik pointed out, was that the EMI would not exist in isolation. Once half of the couple’s monthly income went towards the house, they would still need to manage groceries, support for parents, travel, insurance, investments and unexpected emergencies. This is where a seemingly affordable property can become financially restrictive.

A household may technically qualify for a particular home loan, but being eligible for the loan does not necessarily mean the resulting EMI is comfortable for the family’s overall lifestyle. The Gurgaon couple, therefore, appears to have looked beyond the property’s price tag and considered what owning it would mean for their monthly finances.

Why rising property prices are making the decision harder

Kaushik also connected the couple’s decision to a much bigger financial trend. According to his post, property prices have been increasing considerably faster than household incomes, while household debt has also been climbing. That combination can make homeownership increasingly difficult for households whose earnings have not kept pace with property values.

The common argument that buyers should purchase immediately because property prices will only continue to rise may therefore not work for everyone. For some households, waiting or walking away from an expensive property could make more financial sense than stretching their monthly budget to the limit.

Buying a home does not have to mean sacrificing everything else

Kaushik’s larger point is about the difference between being able to buy something and actually wanting to structure your finances around it. In the Gurgaon couple’s case, the Rs 2 crore flat was potentially within reach, but the Rs 1.5 lakh EMI would have consumed half of their monthly income. That leaves considerably less room for other priorities and unexpected expenses.

As Kaushik put it, sometimes the smarter property decision is recognising that you can buy the house but do not want your entire life to revolve around paying for it.