FACTORS THAT DETERMINE THE HOME LOANS INTEREST RATES.
Posted by Anurag Mishra on April 7th, 2017
Your home loan is the most preferred when you are planning to buy a house because it offers to pay large chunk of amount and lets you pack back in monthly installments as per your choice. There are different types of home loans available in the Indianmarkets which are given by various banks and non-banking financial institutions. When you avail for a home loan the most attention grabbing thing is the interest rate. The home loans interest rates are the crucial factor as it decides the amount you need to repay.
The interest rates offered differ from bank to bank. The home loans interest rates offered can be as low as 9-10 % of the loan with a nominal processing fee of 1-2 % of the loan amount. Before availing for a home loan you must see the nature of the interest rate, the tenure for the repayment of the loan. There are two types of interest rate offered on housing loans. Fixed interest rate and floating interest rate, the interest rate will remain constant during the fixed interest rate and when you go for floating interest rate there will be fluctuation in the base rate. But ideally the floating interest rates are cheaper than the fixed interest rate.
Factors that determine your home loans interest rates and its eligibility:
To compare the home loans interest rates always check the online comparing websites so that you get an idea of what are the interest rates offered by various banks. Always go for a loan which has lower interest rate and offers flexibility in the repayment options.
Like it? Share it!
About the AuthorAnurag Mishra
Joined: December 13th, 2016
Articles Posted: 108
More by this author