Mr. Karthik Rajan is a 37 year old married man and has one child, aged 7. Four years back, Karthik and his wife were looking for an apartment in the price range of about Rs. 50 lacs but ended up buying one worth Rs. 80 lacs. The reasons for buying a house beyond his means were peer and family pressures. He moved into his new apartment and immediately took a personal loan to renovate his house. Plush interiors coupled with state of the art furnishings cost him almost Rs. 10 lacs. But that was not all, Karthik believed that having a car especially a high end one is a necessity and so took a car loan for the same.
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