 "infrastructure companies")
Recently, one of my clients’ son sold his small one-bedroom-hall-kitchen (BHK) flat at Vasai (a far-flung suburb in Mumbai) for Rs 2.5 million. The buyer, who was a small-time businessman, was contributing Rs 400,000 from his own pocket, and taking a 20-year home loan for the rest of the amount. The interest rate was 9.25 per cent and the equated monthly instalment (EMI) was about Rs 19,000.
When they went to sign the agreement, the buyer mentioned how he was now flat broke as he had used up all his savings to make the downpayment and the EMI burden of
