Yes but you are able to enjoy today rather than day after tomorrow or never.The auto market would collapse if EMI were not there. Instead of taking 100% on EMI one should pay upfront as much as posible to reduce interest load and also prepay of possible att a later date.

When a person opts for a EMI payment he/she enters with his/her eyes open and knowing all the facts, so they should make sure that it suits their life style and earning capacity. Housing loans can be very taxing because when you take the loan and buy the house you dont realise how big a dent it would make on your monthly earnings. I know of a couple of people who bought apartments taking loan and wanting to live and enjoy the new house, have now given it on rent because it fetches higher rent than their own rented places and the difference helps them pay back the loan. But again without the EMI they probably wold never be able to buy an apartment of their choice. It is the same with other things as well unless they lose expensive gadgets like mobile phones before completing the loan repayment !

Personally, I feel loan should be avoided. But housing is an exception.  Housing is not only consumption need but also a wise investment. The rents increase year to year but EMI remains the same. So by building house by payment of EMI, you avoid payment of rent that would have to be paid for rented house. The rent payable would increased with inflation. You may rent a portion of your house and earn some rent. In most cases, the rent that you save on rented accommodation and that which you get by giving on rent a portion of your house, would suffice to finance the EMI.  Also your income should increase year by year and payment of EMI would be easier.  

Gulshan Kumar Ajmani wrote:

Personally, I feel loan should be avoided. But housing is an exception.  Housing is not only consumption need but also a wise investment. The rents increase year to year but EMI remains the same. So by building house by payment of EMI, you avoid payment of rent that would have to be paid for rented house. The rent payable would increased with inflation. You may rent a portion of your house and earn some rent. In most cases, the rent that you save on rented accommodation and that which you get by giving on rent a portion of your house, would suffice to finance the EMI.  Also your income should increase year by year and payment of EMI would be easier.

I am agree with you that as much as possible one should avoid loan. Loan is mental tension what may be interest rate, even if it interest free. Housing loan is another matter. If we have not own house we are living in rented house. So we took loan for house  some part of EMI we will pay with amount which we are paying as rent. Desires have not limit, so one must not have habit of taking loan for a small needs which we can avoid. 

If one takes loans in EMI and is able to pay them what is wrong. If one can lead a beter quality life one should do it. It goes without saying that EMIs should be taken based on ones payback ability. In general house and vehicle are usually necessity and are taken on EMIs.

i think the people who are able to give EMIs should go for it if they need otherwise the people who are not then i think it is better for him to neglect that and live a life which he/she can afford 

There is nothing wrong in taking loan  for buying things.  However, personally, I don't favor any loan except Housing loan.  However, it may be okay to buy consumer goods by taking loan if EMI does not eat away most of monthly salary.  I once noted that Bank employees usually pay of their salary in just paying EMI for various household items. I feel it is better to wait for some time and accumulate cash through short term investments for buying consumer items. Even if loan is taken, total payout as EMI should not be too much. 

Gulshan Kumar Ajmani wrote:

There is nothing wrong in taking loan  for buying things.  However, personally, I don't favor any loan except Housing loan.  However, it may be okay to buy consumer goods by taking loan if EMI does not eat away most of monthly salary.  I once noted that Bank employees usually pay of their salary in just paying EMI for various household items. I feel it is better to wait for some time and accumulate cash through short term investments for buying consumer items. Even if loan is taken, total payout as EMI should not be too much. 

Consumers items have any limit. It is better to keep needs in limit. If cooler is enough than no need to buy AC. It is easy to buy car on EMI but  it is not easy to bear it running exp. today higher education is must expensive, so it not bad to get education loan.

Loan is really a headache i suggest nobody should take it unless it is very urgent

Long ago, I took a loan for building my House. After the completion of my home, I moved in to the newly built home. This has saved my House rent which I was paying till I moved here. With the saved amount kept in Recurring deposit,  Whenever I get some returns I started buying some household items. Never I took loan for buying household items.