One of my friend is a very alert guy when it comes to handling finances. He always goes for a bargain buy ( even for vegetables), plans his tax on time and so on. But when it comes to a buying a home, he was not that prudent . This is the mistake that most of middle class makes. he booked a flat almost to years ago with a reputed builder in Bangalore and still waiting for a day to get the possession. He keeps paying his EMI and has lost already lot of money in terms of the rent he is paying and pre-EMI interest for which he cannot claim tax benefit.
Although, the builder has been postponing the dates nobody has ever dared to sue the builder. This is a typical scene where one prudently saves everywhere and looses out in a big way in buying a liability ( yes!! your first residence is going to be a liability..If you don't agree , I am fine).
In this context found two great posts on some fellow bloggers post wrt buying homes. They are a must read , if you are planning to buy an house.
I sincerely acknowledge the great articles by these bloggers.