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Home Loan - 15 or 30 Years - Which is Best Option?

If you are on the verge of buying a home; than you can not do without a home loan and now another dilemma commences is that whether one should go for 15 years or 30 years loan.

If you are going for 30 year loan just to bring down the EMI; than you are in for a trouble as you are paying much more for a house as compared to a 15 year EMI loan. Going for a 30 year loan may be also a pointer to the fact that you are probably going for a house beyond your means.

Unless you have some sort of incredibly compelling and unusual reason for preferring a 30 year home loan, you should be getting a 15 year home loan. If it looks like you can’t afford the payments on the 15-year home loan, then you need to be looking at a lower-priced property to buy.

Thus to sum up we can say that a 15 year home loan is better than 30 year home loan as you will be in control of situation post buying the house.  Check the reason why home loan be not repaid before time here.

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