You should always know what you are doing. This is another rea | FitRichSane

You should always know what you are doing. This is another reason loans are meant to be avoided. This is even if you intend to pay it back early. Do you know why?
The loans you take are called reducing interest loans. This means that the interest component is huge in your initial payments.

Look at this example. You take a loan of 50 lakhs for 25 years at 8%. You EMI comes out to be Rs.38,951.
In the next 5 years, you pay 5*12*38,951, which is roughly 23 lakh.
The SURPRISE is, out of this 23 lakh, your principal reduces only by roughly 3.8 lakh.
Even if you wish to repay the entire loan at this point, you have paid huge interest.

Buy what you can afford :)