Not all loans are bad loans; some offer us a chance to possess something which we could not have possessed otherwise. Home loan falls in that category. If the concept of home loans did not exist, most of us would not be able to buy a property. Despite being a huge financial liability, home loans offer us several benefits. For instance, a borrower enjoys tax benefits. Those who hate running their lives on credit would say all that comes with a cost. Yes, indeed --- You have to pay an interest on this loan which might run for a substantial part of your life. And, it would only be great if you could manage to buy a house without taking a loan.
If you are one of those lucky ones, here are certain precautions you must take: