you can save lots of amount 

A mortgage/loan plays very important roles in purchasing a property. It is essential to know the features of a mortgage/loan. An investor or a home owner needs to do his/her homework about the loan to secure.

How a common man can afford buying a home with such a huge cost,
This is a right question. Many people who approach me for consultancy in property purchase used to ask this fundamental question. I have a stock answer for them. It is simply home loan.
Home loans come as a handy option for those who plan to purchase a home property, which would not have happened without the home loans. It is very important to know about all the details of the home loan process and also should able to prepare well for all the questions to be answered. This will make the whole deal very smooth with fewer efforts. 
There are many factors, which will guide you to take a proper decision on home loans. The main factor is interest. The interest rates will not be same among the lenders and banks and can vary from time to time. If you go for flexible or variable rates, the interest rate can vary within a short period and mostly without any notice. This is a major factor affecting your budget, as the rate change can affect the repayment amount. 
Other important factor is the repayment period. The repayment amount is directly depending on the loan period, Variety of payment period plans for home loans are out there from financial institutions and banks. 
Typically the interest rate will be less for the loans with long repayment period. You can assess the repayment amounts for different periods using a mortgage calculator. This will help you to fix your loan period and repayment amount as per your requirement of the loan amount. 
A major factor is your repayment ability. In most of the cases if you have sufficient amount with you, the lenders will give the option for premature closing. But there are some lenders who are rigid in their process not allowing any premature closing or provide only long term loans. If you are able to payback the whole amount several years before the closing time, you can save lots of amount. 
The major disadvantage comes when you default the repayments. All financial institution will charge hefty amounts as fine and will give only a short period to clear the dues. An early payoff is good but if you want to sell the property, it can make many troubles as well. 
Since there are many complexities and hidden charges in getting the home loan, it is always beneficial for you to discuss with an expert in this field before deciding up on any types of home loan. 
It is absolutely necessary to have all details about the company with which you want to have a deal regarding to the home loans. Also you should be very clear about all the terms and conditions on which you are going to agreed up on. If you have any doubts, do not hesitate to discuss with the executives or a specialist in the field. 
Absolutely there is no doubt that home loan is the best option for a potential buyer to get his dream home. Only thing to do properly is your homework in getting the home loan,
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