Hi all,
I’m a 31 y/o software engineer, married with a 2-year-old kid. Looking for some perspective before I make a big financial decision.
Current situation:
Monthly take-home: ₹2.45L
Family: 3 members
Existing car loan: ₹5L outstanding
Savings:
~15% ready for down payment
₹6L emergency fund
₹2L set aside for daughter’s education (next year)
Plan:
Buy a 3BHK worth ₹1.4Cr (excluding registration & other charges)
Possession expected by end of next year
This will be my first property, and it’s for self-use (not investment)
I’m trying to figure out if this is a financially sound move or if I’m stretching too much—especially considering future expenses, EMIs, and lifestyle stability.
Would love to hear thoughts from folks who’ve been in a similar situation:
Am I over-leveraging?
Should I increase my down payment first?
Anything I’m not considering
Thanks in advance!