Kasarwadavali police station sources told PTI that he woke up this morning around 3 am and answered nature's call at around 6.45 am.
However, when his wife got up and entered the kitchen to make breakfast, she was shocked to see her dead husband hanging from the ceiling.
The deceased had used the saree as a rope to hang himself.
She raised an alarm after which neighbours pulled down his body and took it to the nearby hospital which refused to let it in.
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The deceased was heavyily indebted due to which he took the extreme step of ending his life, the police said.
"Pressure was being exerted on him by a man from whom he had borrowed a huge amount of money, which he was about to pay. However, the culprit used to call him up and mentally torture him by threatening and abusing him," the dead man's friend said.
The Kasarwadawali police has registered a case of accidental death and the body has been sent to the Thane civil hospital for post mortem. The case is being probed, sources said.