Home loan is attractive for the ones who want to purchase / construct a house when they are short in funds. These loans are very less in interest comparative to the other loan types making them more catchy.
Though they are less in interest. They cost you more than the actual price of your house. So think before you leap.
Always go for a home loan when you have atleast half of your home cost. For the remaining half take a home loan. Do not go for home loan with 80% of the cost. This will ruin your entire life without savings and compounding all your money to the interest.
If you purchase your house without loan, then you live happily in it.
If you purchase your house with loan, then bank is going to live happily with the interest.
Thats why, “If you don’t own your house, your house owns you”. Think Wise.
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