I am posting this on behalf of my friend who does not have a IREF account. Please find the details below about his financials and liabilities and please guide me if its worth buying a house .

Occupation : Salaried Employee with a monthly withdrawl of Rs.1 Lakh.

Own Property : One Flat in a non working city with a monthly rent of Rs.21k per month.

Current Property Rent per month : 21k

Wife : Not working

Kids : 2 by 2020.

Parallel Sources of Income - 0

Expenses : Same as any family has every month.

I have come across a property(2BHK 1000 sft carpet ) which is worth 1.3 Crores . It is being offered at the following offer of 20:80.

Current payment to be made 20 %: 26 Lakhs, which I have as savings and paying will leave me 0 savings.

Final Payment to be 80% in a go in 2022 . I am planning to go for a loan for the rest of the 80% payment for a tune of Rs. 70-80 lacs in the year 2022 expecting my salary to be 1.5 Lakhs in that case.

I am planning to take the housing loan @9.15% interest which will take 70 - 80k INR as emi every month for 25 years.

The total EMI I would bare is 94 Lakhs for the Principle amount of 80 Lakhs.

The total cost of the flat might land me at 2.5 Crores after 25 Years.

Is it worth buying a house with my financials, liabilities or is it a risk ?

I have chosen the property in Panvel Hiranandani Fortune City which is quoting 1.3 Cr for a 2 BHK with a prevailing rent of 8000 per month .Even if not this property , is it worth buying any property in the range of 1.3 crores with said loan amount ? Please advise me which would suit me better so my financials are smooth .

Please guide in detail.